Commonwealth Numbered Acts

DEFENCE HOME OWNERSHIP ASSISTANCE SCHEME ACT 2008 (NO. 27, 2008) - SECT 69

             (1)  The loan provider must pay to the Commonwealth the amount covered by subsection (2), if:

                     (a)  the loan provider sells an interest in land; and

                     (b)  the sale is by way of enforcing a mortgage securing the subsidised loan or another loan to the debtor.

             (2)  This subsection covers the lesser of the following amounts (the land sale amount ):

                     (a)  the part of the proceeds of the sale that, apart from this subsection, would have been payable by the loan provider to the debtor;

                     (b)  the unpaid part of the due amount.

             (3)  Payment by the loan provider to the Commonwealth of the land sale amount is, to the extent of the payment, a discharge of any liability:

                     (a)  of the debtor to the Commonwealth; and

                     (b)  of the loan provider to the debtor under the mortgage or the loan agreement.

             (4)  Section 67 applies in relation to the due amount, at the time the land sale amount is paid, as if:

                     (a)  so much of the overpaid amount (the current overpaid amount ) as at that time remains unpaid were reduced by the land sale amount; and

                     (b)  if the land sale amount exceeds the current overpaid amount--the amount of interest covered by paragraph 67(2)(b) were reduced by the amount of the excess.