Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In addition to the other conditions in this Subdivision, all of the following conditions must be met for a subsidy lump sum to be payable to the subsidised borrower at a particular time:
(a) the subsidised borrower must give the Secretary a request, in the approved form, for the payment of a subsidy lump sum;
(b) the subsidised borrower must be a member of the Defence Force;
(c) the Secretary must be satisfied that there is a reasonable expectation that the subsidised borrower will:
(i) continue to be a member of the Defence Force for 1 year after the first authorisation day for the subsidy; and
(ii) comply with all the relevant conditions mentioned in sections 37 to 41;
(d) the request must state a number of months (not exceeding 48) of service credit to be accessed for the purpose of section 54 (which deals with the amount of the subsidy lump sum);
(e) the subsidised borrower must have at least the number of months standing to his or her service credit that is stated in the request;
(f) the Secretary must be satisfied that there is a reasonable expectation that monthly subsidy will be payable to the subsidised borrower during an entitlement period of:
(i) if the subsidised borrower is, at the time, a member of the Permanent Forces--at least one month; or
(ii) if the subsidised borrower is, at the time, a member of the Reserves--at least the number of months remaining in the service year;
(g) subsection (2) (previous home ownership etc.) must not apply.
Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents (for example, in a request under paragraph (1)(a)).
Previous home ownership etc.
(2) This subsection applies if all of the following conditions are met:
(a) the subsidised borrower has, at a time when the subsidised borrower was a member of the Defence Force, bought an interest in land in Australia;
(b) the purchase results in the borrower, or the borrower and his or her partner together, holding a 50% or greater interest in the land:
(i) no matter whether the interest is held individually, as joint tenants or tenants in common; and
(ii) no matter whether the interest is legal or equitable;
(c) at some time while such an interest is held:
(i) there is a house on the land; and
(ii) the house is occupied by the borrower or another person as a home, or could be occupied by the borrower or another person as a home;
(d) either:
(i) the interest in land is not the interest in relation to which the request for lump sum subsidy is made; or
(ii) if the interest in land is the interest in relation to which the request for lump sum subsidy is made--the interest was bought before the Secretary gave the borrower the subsidy certificate on the basis of which the lump sum subsidy is requested.
Subsidised borrower is surviving partner
(3) In the application of this section to a person who is a subsidised borrower by virtue of being a surviving partner of a deceased partner:
(a) the number of months standing to the subsidised borrower's service credit is the number of months applying by the operation of sections 63 and 64; but
(b) for a subsidy lump sum to be payable to the subsidised borrower, the borrower must otherwise meet the conditions mentioned in subsection (1) in his or her own right.
Note: A surviving partner may be entitled to subsidy by the operation of section 63.