Commonwealth Numbered Acts Commonwealth Numbered ActsWhen subsidy becomes payable
(1) Subsidy becomes payable to a subsidised borrower in relation to a loan to the borrower if:
(a) the loan is made by a declared loan provider; and
(b) the loan is secured by a mortgage over an interest (including a leasehold interest) in land; and
(c) the conditions under Subdivision B are met.
(2) Subsidy becomes payable to a subsidised borrower with effect from the beginning of the monthly authorisation period during which subsection (1) starts to apply in relation to the borrower.
When subsidy continues to be payable
(3) After subsidy becomes payable to a subsidised borrower, monthly subsidy continues to be payable to him or her during a continuous period (an entitlement period ) until it stops being payable under section 36, subject to section 44 (revocation of authorisation of payment of subsidy).
Note 1: If subsidy is payable to a person, the person is a subsidised borrower (see section 3).
Note 2: If payment of subsidy is suspended under section 61 because of a subsidised borrower's death, the suspension does not break the continuity of the entitlement period.
Note 3: If the Secretary revokes an authorisation under section 44 in relation to an entitlement period, subsidy is taken never to have been payable during the period.
Multiple loans and subsidised borrowers who are partners etc.
(4) Nothing in this Part prevents subsidy from being payable:
(a) in relation to more than one loan during different entitlement periods; or
(b) in relation to more than one house, or interest in land, during different entitlement periods; or
(c) to 2 subsidised borrowers (each in their own right) in relation to the same loan, or different loans, while the subsidised borrowers are partners.