38When subsidy stops being payable—ownership of land

38 When subsidy stops being payable—ownership of land

The following conditions must continue to be met: (a) the subsidised borrower, or the subsidised borrower and his or her partner together, must hold a 50% or greater interest in the land: (i) no matter whether the interest is held individually, as joint tenants or as tenants in common; and (ii) no matter whether the interest is legal or equitable; (b) no part of the interest in the land must be held as a trustee or as a beneficiary of a trust.