54Subsidy lump sum payments

#### 54 Subsidy lump sum payments (1) If a subsidy lump sum is payable to a subsidised borrower in relation to a subsidised loan, the amount of the subsidy lump sum is worked out in accordance with the following formula:  (2) The notional monthly subsidy, for the formula in subsection (1), is the amount of monthly subsidy that would have been payable to the subsidised borrower in relation to the loan under section 49 on the following assumptions: (a) that the subsidised borrower had not requested the payment of a subsidy lump sum; (b) that the subsidised borrower’s loan limit under section 51 is 40% of the average house price. (3) The service credit accessed, for the formula in subsection (1), is the number of months standing to the subsidised borrower’s service credit that is stated in the request for a subsidy lump sum under section 34. > Note: Section 34 provides that the subsidised borrower can access no more than 48 months of his or her service credit for the purposes of obtaining a subsidy lump sum.