32When subsidy becomes payable—occupation of house as a home (non‑building loan)

32 When subsidy becomes payable—occupation of house as a home (non‑building loan)

Scope (1) This section applies if the subsidised loan is: (a) for the purpose covered by paragraph 30(1)(a) (to buy a house and land), or to discharge another loan for that purpose; and (b) not for the purpose of building work, or to discharge another loan for that purpose. Subsidy condition (2) The Secretary must be satisfied that the subsidised borrower, or a dependant of the subsidised borrower, occupies a house on the land as a home.

Note 1: This condition need only be satisfied for the first year after the first authorisation day for the subsidy (see section 39).

Note 2: In the case of a loan for the purpose of building work, a similar occupation condition applies to the continuation of entitlement to subsidy after the completion of the building work (see section 40).