sec.35Standard interest rate policy— Act , s 92

sec.35 Standard interest rate policy— Act , s 92

This section prescribes the interest rate policy for section 92 (3) of the Act . The declared standard fixed interest rate must not be— more than the highest of the bank standard fixed interest rates, for the period, that applies on the chosen day; or less than the lowest of the bank standard fixed interest rates, for the period, that applies on the chosen day. The declared standard variable interest rate must not be— more than the highest of the bank standard variable interest rates that applies on the chosen day; or less than the lowest of the bank standard variable interest rates that applies on the chosen day. In this section— bank standard fixed interest rates , for a period, means the standard fixed interest rates that the major banks charge for a home loan for the period. bank standard variable interest rates means the standard variable interest rates that the major banks charge for a home loan. chosen day means a day, chosen by the chief executive at the time of declaring a standard interest rate, that is within 1 month before the chief executive sets the rate. home loan means a loan secured by a mortgage over a residential property that the mortgagor lives in. major banks means— Australia and New Zealand Banking Group Limited ACN 005 357 522; and Commonwealth Bank of Australia ACN 123 123 124; and National Australia Bank Limited ACN 004 044 937; and Westpac Banking Corporation ACN 007 457 141. (sec.35-ssec.1) This section prescribes the interest rate policy for section 92 (3) of the Act . (sec.35-ssec.2) The declared standard fixed interest rate must not be— more than the highest of the bank standard fixed interest rates, for the period, that applies on the chosen day; or less than the lowest of the bank standard fixed interest rates, for the period, that applies on the chosen day. (sec.35-ssec.3) The declared standard variable interest rate must not be— more than the highest of the bank standard variable interest rates that applies on the chosen day; or less than the lowest of the bank standard variable interest rates that applies on the chosen day. (sec.35-ssec.4) In this section— bank standard fixed interest rates , for a period, means the standard fixed interest rates that the major banks charge for a home loan for the period. bank standard variable interest rates means the standard variable interest rates that the major banks charge for a home loan. chosen day means a day, chosen by the chief executive at the time of declaring a standard interest rate, that is within 1 month before the chief executive sets the rate. home loan means a loan secured by a mortgage over a residential property that the mortgagor lives in. major banks means— Australia and New Zealand Banking Group Limited ACN 005 357 522; and Commonwealth Bank of Australia ACN 123 123 124; and National Australia Bank Limited ACN 004 044 937; and Westpac Banking Corporation ACN 007 457 141.