Commonwealth Consolidated Acts Commonwealth Consolidated ActsPerson not member of a couple
(1) A person who is not a member of a couple is eligible to participate in the pension loans scheme if:
(a) the person is receiving or is eligible for a service pension or income support supplement; and
(d) the person has reached:
(i) if the person is receiving or is eligible for service pension--pension age; or
(ii) if the person is receiving or is eligible for income support supplement--qualifying age; and
(da) the person is not bankrupt; and
(db) the person is not subject to a personal insolvency agreement under Part X of the Bankruptcy Act 1966 ; and
(dc) the Commission is satisfied that there is adequate and appropriate insurance in relation to the person's real assets; and
(e) either:
(i) the Commission is satisfied that the value of the person's real assets (after deduction of any nominated amount) is sufficient to secure the payment of any debt that may become payable to the Commonwealth under this Subdivision; or
(ii) subsection (3) applies to the person.
Note 2: For real assets see subsection 52ZAAA(1).
Note 3: For nominated amount , see subsection 52ZAAA(1).
Note 4: For pension age see section 5QA.
Note 5: For qualifying age see section 5Q.
Person member of a couple
(2) A person who is a member of a couple is eligible to participate in the pension loans scheme if:
(a) the person is receiving or is eligible for a service pension or income support supplement; and
(d) the person:
(i) is a veteran and has reached pension age; or
(ii) is the partner of a veteran referred to in subparagraph (i); or
(iii) is receiving or is eligible for an income support supplement and has reached qualifying age; and
(da) the person is not bankrupt; and
(db) the person is not subject to a personal insolvency agreement under Part X of the Bankruptcy Act 1966 ; and
(dc) the Commission is satisfied that there is adequate and appropriate insurance in relation to the couple's real assets; and
(e) either:
(i) the Commission is satisfied that the value of the couple's real assets (after deduction of any nominated amount) is sufficient to secure the payment of any debt that may become payable to the Commonwealth under this Subdivision; or
(ii) subsection (3) applies to both of the members of the couple.
Note 2: For real assets see subsection 52ZAAA(1).
Note 3: For nominated amount , see subsection 52ZAAA(1).
Note 4: For pension age see section 5QA.
Note 5: For qualifying age see section 5Q.
Attributable stakeholder of a company or trust
(3) This subsection applies to a person if:
(a) either:
(i) the person is an attributable stakeholder of a company or trust (within the meaning of Division 11A); or
(ii) the person is a member of a couple and the other member of the couple is an attributable stakeholder of a company or trust (within the meaning of Division 11A); and
(b) the company or trustee has given the Commonwealth a guarantee that the company or trustee will pay any debt that may become payable to the Commonwealth by the person under this Subdivision; and
(c) the company's or trustee's liability under the guarantee is secured by a charge against specified real property of the company or trust in Australia; and
(d) the Commission is satisfied that the value of the specified real property is sufficient to secure the payment of any amount that may become payable by the company or trustee under the guarantee; and
(e) the Commission has, by writing, approved the guarantee and the charge.
Value of real property
(4) In working out the value of real property for the purposes of subparagraph (1)(e)(i) or (2)(e)(i) or paragraph (3)(d):
(a) disregard section 52C; and
(b) the Commission may take into account any charge or encumbrance over the property.