Commonwealth Numbered Acts

DEFENCE SERVICE HOMES AMENDMENT ACT (NO. 2) 1980 No. 128 of 1980 - SECT 6

6. (1) Section 30 of the Principal Act is amended-

   (a)  by omitting sub-section (2) and substituting the following
        sub-section:



"(2) Subject to the succeeding provisions of this section, where the
Corporation enters into a contract of sale or advance with a purchaser or
borrower under which the amount of advance is in excess of $12,000-

   (a)  if the amount of advance does not exceed $15,000-the rate of interest
        to be charged to the purchaser or borrower in respect of so much of
        the amount of advance as exceeds $12,000 is 7.25 per centum per annum;
        and

   (b)  if the amount of advance exceeds $15,000-the rate of interest to be
        charged to the borrower is-

        (i)    in respect of so much of the amount of advance as exceeds
               $12,000 but does not exceed $15,000-7.25 per centum per annum;
               and

        (ii)   in respect of so much of the amount of advance as exceeds
               $15,000-10 per centum per annum.";

   (b)  by adding at the end of sub-section (3) "and a reference in
        sub-section (2) of this section to $15,000 shall be read as a
        reference to an amount equal to the product of the number of those
        persons and $15,000";

   (c)  by omitting from sub-section (4) "sub-section (5)" and substituting
        "sub-sections (5) and (5A)";

   (d)  by omitting from sub-section (4) "advance is the prescribed rate" and
        substituting:



"advance is-

   (e)  if the approval referred to in paragraph (b) was given by the Minister
        before 20 August 1980-7.25 per centum per annum; and

   (f)  if the approval referred to in paragraph (b) was or is given by the
        Minister on or after 20 August 1980-10 per centum per annum";

   (e)  by inserting after sub-section (5) the following sub-section:



"(5a) Where, at the time when the balance referred to in sub-section (4) (in
this sub-section referred to as 'the balance') was paid to the Corporation,
one rate of interest (in this sub-section referred to as 'the first rate of
interest') was payable in respect of a part of the balance (in this
sub-section referred to as 'the first part of the balance'), another rate of
interest (in this sub-section referred to as 'the second rate of interest')
was payable in respect of another part of the balance (in this sub-section
referred to as 'the second part of the balance') and another rate of interest
(in this sub-section referred to as 'the third rate of interest') was payable
in respect of the remaining part of the balance, the rate of interest to be
charged, in respect of the amount that is expressed by sub-section (4) to be
chargeable at the rate of interest that, at that time, was payable in respect
of the balance, is-

   (a)  in respect of a part of that amount that bears the same proportion to
        the whole of that amount as the first part of the balance bears to the
        whole of the balance-a rate equal to the first rate of interest;

   (b)  in respect of another part of that amount that bears the same
        proportion to the whole of that amount as the second part of the
        balance bears to the whole of the balance-a rate equal to the second
        rate of interest; and

   (c)  in respect of the remaining part of that amount-a rate equal to the
        third rate of interest.";

   (f)  by omitting from sub-section (6) "him" and substituting "it";

   (g)  by omitting from sub-section (6) "amount of that additional assistance
        is the prescribed rate" and substituting:



"amount of that additional assistance is-

   (a)  in a case where that additional assistance is granted in pursuance of
        an application received before 20 August 1980-7.25 per centum per
        annum; and

   (b)  in a case where that additional assistance is granted in pursuance of
        an application received on or after 20 August 1980-10 per centum per
        annum"; and

   (h)  by omitting sub-section (7).