sec.459Residential hardship concessions

### sec.459 Residential hardship concessions The Minister may reduce an instalment to less than the instalment normally applying to a pre-Wolfe freeholding lease, if— the lease is used exclusively for the lessee’s own residential use; and the lessee is suffering hardship and meets the criteria prescribed under the regulations. If the Minister considers the lessee’s financial circumstances have changed to the extent that a concession should be amended or cancelled, the Minister may, for future instalments, amend or cancel the amount of the concession. If a lease is transferred, a concession applying to the lease does not apply from the day of the transfer. To remove any doubt, it is declared that a hardship concession does not reduce the purchase price of a pre-Wolfe freeholding lease. (sec.459-ssec.1) The Minister may reduce an instalment to less than the instalment normally applying to a pre-Wolfe freeholding lease, if— the lease is used exclusively for the lessee’s own residential use; and the lessee is suffering hardship and meets the criteria prescribed under the regulations. (sec.459-ssec.2) If the Minister considers the lessee’s financial circumstances have changed to the extent that a concession should be amended or cancelled, the Minister may, for future instalments, amend or cancel the amount of the concession. (sec.459-ssec.3) If a lease is transferred, a concession applying to the lease does not apply from the day of the transfer. (sec.459-ssec.4) To remove any doubt, it is declared that a hardship concession does not reduce the purchase price of a pre-Wolfe freeholding lease. - (a) the lease is used exclusively for the lessee’s own residential use; and - (b) the lessee is suffering hardship and meets the criteria prescribed under the regulations.