52ZJ
CurrentPerson ceases to participate in home equity access scheme if debt exceeds maximum loan available
Volume 2Parts IIIB to VA, sections 46 to 93ZG
Part IIIBProvisions applying to service pension, income support supplement and veteran payment
Division 11General provisions relating to the assets test
Subdivision EHome equity access scheme
52ZJ Person ceases to participate in home equity access scheme if debt exceeds maximum loan available
If:
(a)
a person is participating in the home equity access scheme; and
(b)
the debt owed by the person under section 52ZC exceeds the maximum loan available to the person under the scheme;
the scheme ceases to operate in relation to the person on the first day on which the debt exceeds the maximum loan available.
Note 1:
The maximum loan available is worked out by using the formula set out in subsection 52ZCA(1).
Note 2:
For repayment or recovery of the debt owed by the person see section 52ZKA and section 52ZG.
This Act’s bill:Second reading speech
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