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Certificate of entitlement: instalment relief
Section 23 (1) Where, on application by a person for a certificate of entitlement in relation to instalment relief that the person may seek from the Bank, the Secretary is satisfied that:
(a)the applicant is a purchaser or borrower who is:
(i)the widow or widower of an eligible person; or
(ii)a widowed parent of an eligible person; or
(iii)a spouse or de facto partner of an eligible person who is temporarily or permanently insane; or
(b)the applicant is not a person referred to in paragraph (a) but is a purchaser or a borrower who is an eligible person and the amounts of the instalments payable under the relevant contract of sale, mortgage or other security include an amount of interest calculated at a rate of more than 3.75% per year;
and that it would cause financial hardship to the applicant if the applicant were to pay in full the amounts of the instalments, the Secretary shall determine the amount by which the amounts of the instalments should be reduced and the period during which that reduction should apply.
Section 23 (2) Where the Secretary makes a determination, the Secretary shall issue to the applicant a certificate of entitlement specifying:
(a)the amount by which the amounts of the instalments should be reduced and the period during which that reduction should apply; and
(b)particulars of such other matters (if any) as are required by the agreement.
Section 23 (3) The Secretary shall cause a copy of each certificate of entitlement under this section to be given to the Bank.
Section 23 (4) On the issue of a certificate of entitlement under this section, the amounts of instalments payable under the contract of sale, mortgage or other security to which the certificate relates are, if the Bank grants instalment relief to the applicant, reduced by the amount specified in the certificate during the period specified in the certificate.
Section 23 (5) In deciding whether a person is suffering financial hardship for the purposes of subsection (1), the Secretary is to have regard to any guidelines approved by the Minister under subsection (6).
Section 23 (6) The Minister may approve guidelines setting out matters to be taken into account in deciding whether a person is suffering financial hardship for the purposes of this Act.
Section 23 (7) Guidelines approved by the Minister in accordance with this section are disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901.
Maximum amounts for which subsidy is payable
Section 25 (1) Subject to this section, the amount that shall be specified under paragraph 17(3)(a) in a certificate of entitlement issued to a person in relation to a subsidised advance that the person may seek from the Bank is:
(c) in the case of a widow or widower advance or an advance for essential repairs - such an amount as the Secretary determines is necessary to give effect to the purpose for which the advance is made; and