40When subsidy stops being payable—occupation of house as a home (building loan)

40 When subsidy stops being payable—occupation of house as a home (building loan)

Scope (1) This section applies if the subsidised loan is for the purpose of building work, or to discharge another loan for such a purpose. Subsidy condition (2) At any time during the period covered by subsection (3), the subsidised borrower, or a partner or dependant of the subsidised borrower, must occupy a house on the land as a home. (3) This subsection covers the period: (a) starting on the day the building work is completed; and (b) ending: (i) 1 year after that day; or (ii) if the Secretary is satisfied that there are service requirements, or exceptional circumstances, justifying a shorter period of occupation—at an earlier time approved by the Secretary in writing.

Note: The building work must be completed within 2 years after the first authorisation day for the subsidy (see section 37).