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CATEGORY |
LOAN |
TERM |
ADD ADVANCE |
WIDOW/WIDOWER/ |
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11.3.1. J/T with non-eligible spouse – spouse deceased, she/he wishes to move. |
Further Advance under portability provisions. |
Balance of term of existing/previous advance/s. If previous loan discharged on or after 9/12/87 and before 9/5/95, the sum of previous terms used must not exceed 25 years. |
Available if $25,000 exceeds the sum of the amounts of the Initial Advance to the joint tenants or the Further Advance to the widow/widower in accordance with the principle in Ent.GO 3.4.4. and any previous Additional Advance made to the widow/widower. The term to be unexpired part of current loan unless circumstances warrant longer term in accordance with S36(1)(b)(ii). |
Available after Initial Advance granted. Widow/Widower Advance not available if spouse ineligible. |
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11.3.2. J/T with eligible spouse where pooled loans granted – spouse deceased, she/he wishes to move. |
Further Advances under portability provisions of both loans (2 applications). |
Balance of term of existing/previous advance/s. If previous loans discharged on or after 9/12/87 and before 9/5/95, the sum of previous terms used for each loan must not exceed 25 years. |
Available if $50,000 exceeds the sum of the amounts of the Initial Advances to the joint tenants or the Further Advances to the widow/widower in accordance with the principle in Entitlement GO 3.4.4. and any previous Additional Advance made to the widow/widower. The term to be unexpired part of current loan unless circumstances warrant longer term in accordance with S36(1)(b)(ii). |
Available after Initial Advance granted. |
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11.3.3. J/T with eligible spouse where pooled loans granted – spouse deceased she/he wishes to stay in current home. |
Continues to pay off both existing loans. |
Continuation of current loans. |
Available if $50,000 exceeds the sum of the amounts of the Initial Advances to the joint tenants and any previous Additional Advance made to the widow/widower. The term to be unexpired part of current loan unless circumstances warrant longer term in accordance with S36(1)(b)(ii). |
Available. |
AMOUNT OF ADDITIONAL ADVANCES
EXAMPLE 1
Initial Advance$15000
Additional Advance$ 5000
Limit at D/L$13000
Further Advance$13000
Amount of Additional Adv residual$5000
NB: If the amounts of the further advance and any previous additional advance are used in the calculation under SS25(1)(b), the A/A residual in this example is $7000. However, this would result in the applicant gaining access to loan benefits totalling $27000. This is contrary to the intentions of the Act.
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EXAMPLE 2
Initial Advance$15000
Limit at D/L$ 9000
Further Advance$ 9000
Additional Advance$ 5000
Amount of Additional Adv residual$5000
NB: If the amounts of the further advance and any previous additional advance are used in the calculation under SS25(1)(b), the A/A residual in this example is $11000. However, this would result in the applicant gaining access to loan benefits totalling $31000. This is contrary to the intentions of the Act.
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AMOUNT OF ADDITIONAL ADVANCES
EXAMPLE 3
Initial Advance$15000
Additional Advance$ 8000
Limit at D/L$19000
Further Advance$19000
Amount of Additional Adv residual$2000
NB: If the amounts of the further advance and any previous additional advance are used in the calculation under SS25(1)(b), the A/A residual in this example is $0. However, this would result in the applicant never gaining access to the maximum loan benefit of $25000 on one occasion. This is contrary to the intentions of the Act.