Calculation of amounts of subsidy
25 Calculation of amounts of subsidy
Each monthly amount of subsidy is the amount that results from working out the relevant regular monthly repayment (RMR) amount under subsection (2) and then using that amount in the formula set out in subsection (3).
The RMR amount must be worked out using the formula:
where:
BR is the benchmark rate.
LA (loaned amount) is the amount on which subsidy is payable.
The monthly subsidy amount must be worked out using the formula:
Start formula start fraction open bracket RMR times 300 close bracket minus LA over 300 end fraction times 0.4 end formula
where:
LA has the same meaning as in subsection (2).
RMR is the amount worked out under that subsection.
This Act’s bill:Second reading speech
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