Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this Act, the Secretary may, on application by an eligible person (the assignor ) for a certificate of assignment, issue the assignor with such a certificate certifying that subsidy is payable by the Commonwealth to a credit provider if, in accordance with the certificate, the credit provider makes an advance to another person (the assignee ).
(2) The Secretary must not issue the assignor with a certificate of assignment unless:
(a) the Secretary is satisfied that the assignee owns or will own a retirement village that:
(i) is primarily for the accommodation of eligible persons or eligible veterans; or
(ii) is a granny flat; and
(b) the Secretary is satisfied that the assignee will assist the assignor to obtain and continue to hold a right of residence in the retirement village, if the credit provider makes such an advance to the assignee; and
(c) the applicant has already been issued with a certificate of entitlement that is in force that:
(i) specifies, under subsection 17(4), a purpose of a kind referred to in paragraph 18(2)(l) or (3)(g) or 21A(c); and
(ii) was not issued under section 22; and
(d) a subsidised advance has not been made to the assignor in relation to that certificate of entitlement; and
(e) the assignor and the assignee have agreed to conditions of a kind specified in a determination made by the Secretary under subsection (3).
(3) The Secretary may, by legislative instrument, make determinations specifying the kinds of conditions to which an assignor and assignee must agree before a certificate of assignment can be issued to the assignor.
(4) A certificate of assignment issued under this section remains in force until subsidy in respect of the assigned advance concerned ceases to be payable under this Act.
(5) A certificate of assignment issued under this section must:
(a) specify the maximum amount in respect of which subsidy is payable, being the amount specified under paragraph 17(3)(a) in the certificate of entitlement mentioned in paragraph (2)(c) of this section.
(b) specify the maximum term of the advance; and
(c) specify the purpose of the advance; and
(d) specify the rate of interest payable on the advance; and
(e) contain particulars of such other matters as are specified in a determination made by the Secretary under subsection (6).
(6) The Secretary may, by legislative instrument, make determinations as to the kind of matters to be included in a certificate of assignment pursuant to paragraph (5)(e).