Commonwealth legislation

Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

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Commonwealth

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legislative instrument

Plain English Summary

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What this does: This short legal instrument sets the interest rate for loans taken out by veterans under the Pension Loans Scheme.

The details:

Who it affects: Veterans (and their partners) who participate in the Pension Loans Scheme, which allows them to receive advance pension payments as a loan secured against real estate.
What it changes: It sets the compound interest rate at 5.25% per annum for these loans.
Why it matters: This rate determines how much debt accumulates on the loan over time, affecting how much equity the veteran or their estate retains when the loan is eventually repaid (usually when the property is sold).
Timing: It took effect on 25 December 1997 and replaced an earlier determination from the same year.

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Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997

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Commonwealth of Australia

Veterans’ Entitlements Act 1986

Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997

I, JOCELYN MARGARET NEWMAN, Minister for Social Security, make this determination under subsection 52ZC (4) of the Veterans’ Entitlements Act 1986.

Dated 22 December 1997.

JOCELYN NEWMAN

Minister for Social Security

1. Citation

This determination may be cited as the Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997.

2. Commencement

This determination commences on 25 December 1997.

3. Rate of compound interest

For subsection 52ZC (4) of the Veterans’ Entitlements Act 1986, the rate of compound interest is 5.25%.

4. Revocation

Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 1 of 1997 is revoked.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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Commonwealth of Australia

Veterans’ Entitlements Act 1986

Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997

I, JOCELYN MARGARET NEWMAN, Minister for Social Security, make this determination under subsection 52ZC (4) of the Veterans’ Entitlements Act 1986.

Dated 22 December 1997.

JOCELYN NEWMAN

Minister for Social Security

1. Citation

This determination may be cited as the Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997.

2. Commencement

This determination commences on 25 December 1997.

3. Rate of compound interest

For subsection 52ZC (4) of the Veterans’ Entitlements Act 1986, the rate of compound interest is 5.25%.

4. Revocation

Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 1 of 1997 is revoked.