21Median interest rate

21 Median interest rate

For the purposes of paragraph (b) of the definition of median interest rate in subsection 53(2) of the Act, the interest rate of 0.7458333333% is prescribed.

Note 1: This interest rate has been calculated by dividing an annual interest rate of 8.95% by 12 and rounding the result to 10 decimal places.

Note 2: This interest rate is the maximum interest rate that can be applied under the Act for the purposes of working out a subsidised borrower’s monthly subsidy. A lower interest rate may apply if the Minister makes a determination under paragraph 53(1)(a) or (b) of the Act.