Home equity access scheme definitions
52ZAAA Home equity access scheme definitions
In this Subdivision, unless the contrary intention appears:
dispose of real assets has its ordinary meaning.
home equity access scheme advance payment: see section 52ZBA.
home equity access scheme advance payment period, for a person, means the period of 26 fortnights starting on the day in relation to which the person’s home equity access scheme advance payment was worked out under subsection 52ZBA(2).
maximum payment rate, in relation to a service pension or an income support supplement, means the rate worked out in relation to that pension or supplement at Step 4 of Method statement 1, Step 4 of Method statement 2 or Step 4 of Method statement 5, as the case may be, in Module A of the Rate Calculator.
nominated amount means the amount (if any) specified to be the nominated amount under paragraph 52ZD(1A)(b) or subsection 52ZE(1) (as the case may be).
real assets, in relation to a person or couple, means the real property (including the principal home) of the person or couple in Australia that is specified under paragraph 52ZD(1A)(a).
For the purposes of this Subdivision, a reference to a charge under section 52ZF includes a reference to a charge continued in force by subsection 52ZF(3) or paragraph 52ZG(2A)(b).
For the purposes of this Subdivision, a person is participating in the home equity access scheme if:
the person has made a request to participate in the scheme under section 52ZD; and
the person owes a debt to the Commonwealth under section 52ZC.
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