sec.51Standard interest rate policy— Act , s 92

sec.51 Standard interest rate policy— Act , s 92

This section prescribes the interest rate policy for section 92 (3) of the Act . A 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. A 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.51-ssec.1) This section prescribes the interest rate policy for section 92 (3) of the Act . (sec.51-ssec.2) A 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.51-ssec.3) A 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.51-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.