30When subsidy becomes payable—use of subsidised loan

30 When subsidy becomes payable—use of subsidised loan

(1) The Secretary must be satisfied that the subsidised loan is used, or is to be used, to do one of the following: (a) to buy the interest in land, if there is a house on the land; (b) to buy the interest in land and undertake work (building work) on the land consisting of any of the following: (i) the construction or the completion of a house, other than a unit, on the land; (ii) the enlargement, renovation or repair of a house on the land; (iii) the construction of any other permanent improvement on the land, if the improvement is used primarily for private or domestic purposes in association with the house; (c) if the subsidised borrower already has an interest in the land—to undertake building work on the land; (d) to discharge another loan used by the subsidised borrower for a purpose mentioned in paragraph (a), (b) or (c). (2) If a house mentioned in subsection (1) is a unit, paragraphs (1)(b) and (c) do not cover building work in relation to any accompanying common property.

Note: For the definitions of house and unit, see section 3.