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3.5.4 Amount

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An amount equal to the limit of the last Corporation advance, subsidised advance or contract of sale in relation to which the person was a borrower or purchaser or $25,000, whichever is less.  In working out the limit, the last advance is to include the amount of any additional advance that has subsequently been made to the person.  In summary, where a client with:-

(a)an initial advance has received an additional advance/s, the amount available for portability is the lesser of $25,000 or the sum of the limit of the initial advance when discharged and the limit of the additional advance/s when discharged;

(b) a further advance has received an additional advance/s, the amount available for portability is the lesser of $25,000 or the sum of the limit of the further advance when discharged and the limit of the additional advance/s when discharged.

The limit as defined in the Agreement with the Bank which forms Schedule 1 to the Act is the original amount lent to a Borrower as that amount is:

(a) increased by:

the amount of all Loan Maintenance Fees debited to that Borrower's Subsidised Advance Loan Account; and

the amount of all taxes or duties on receipts or payments to or from that account (including without limitation financial institutions duty) which are debited to that account; and

(b) reduced by any scheduled repayments of principal and payments of Loan Maintenance Fees (whether these repayments or payments were made or not); and

(c)increased by any amount of Instalment Relief granted by the Bank pursuant to a Certificate of Entitlement.

The amount of any further advance, would of course by definition in Section 4 of the Act, exclude the amount of any widow/widower advance or an advance for essential repairs.