sch.1-sec.6Interest rate

### sch.1-sec.6 Interest rate An applicant may ask the authority for 1 of the following types of interest rates for a loan under the scheme— an interest rate that is fixed for a period of 1, 3 or 5 years; an interest rate that is variable. The initial interest rate for a loan to the applicant under the scheme— is based on the type of interest rate requested by the applicant and approved by the authority; and is worked out by the authority based on the base lending rate for the type of interest rate when the applicant first draws down the loan or part of the loan. The applicant may, during the term of a loan, ask the authority for the same or another type of interest rate mentioned in subsection (1) . If the authority approves the applicant’s request under subsection (3) , the interest rate— is worked out by the authority based on the base lending rate for the type of interest rate when the request is approved; and is applied as soon as practicable but no earlier than the end of any period in which the interest rate is fixed. The authority may, during the term of the loan, review the applicant’s financial situation annually to decide whether to increase the interest rate for the loan. After a review under subsection (5) , or at any time during the term of the loan, the authority may increase the interest rate for the loan to a commercial rate of interest decided by the authority. The authority may decide to increase the interest rate under subsection (6) more than once in relation to the applicant. In this section— base lending rate — for an interest rate that is fixed for a period of 1, 3 or 5 years—means the fixed lending rate of the Queensland Treasury Corporation, plus a margin decided by the authority and approved by the Minister, for the period; or for an interest rate that is variable—means the variable lending rate of the Queensland Treasury Corporation, plus a margin decided by the authority and approved by the Minister. sch 1 s 6 amd 2016 SL No. 183 s 4 ; 2017 SL No. 123 s 5 sub 2024 SL No. 153 s 4 (sch.1-sec.6-ssec.1) An applicant may ask the authority for 1 of the following types of interest rates for a loan under the scheme— an interest rate that is fixed for a period of 1, 3 or 5 years; an interest rate that is variable. (sch.1-sec.6-ssec.2) The initial interest rate for a loan to the applicant under the scheme— is based on the type of interest rate requested by the applicant and approved by the authority; and is worked out by the authority based on the base lending rate for the type of interest rate when the applicant first draws down the loan or part of the loan. (sch.1-sec.6-ssec.3) The applicant may, during the term of a loan, ask the authority for the same or another type of interest rate mentioned in subsection (1) . (sch.1-sec.6-ssec.4) If the authority approves the applicant’s request under subsection (3) , the interest rate— is worked out by the authority based on the base lending rate for the type of interest rate when the request is approved; and is applied as soon as practicable but no earlier than the end of any period in which the interest rate is fixed. (sch.1-sec.6-ssec.5) The authority may, during the term of the loan, review the applicant’s financial situation annually to decide whether to increase the interest rate for the loan. (sch.1-sec.6-ssec.6) After a review under subsection (5) , or at any time during the term of the loan, the authority may increase the interest rate for the loan to a commercial rate of interest decided by the authority. (sch.1-sec.6-ssec.7) The authority may decide to increase the interest rate under subsection (6) more than once in relation to the applicant. (sch.1-sec.6-ssec.8) In this section— base lending rate — for an interest rate that is fixed for a period of 1, 3 or 5 years—means the fixed lending rate of the Queensland Treasury Corporation, plus a margin decided by the authority and approved by the Minister, for the period; or for an interest rate that is variable—means the variable lending rate of the Queensland Treasury Corporation, plus a margin decided by the authority and approved by the Minister. - (a) an interest rate that is fixed for a period of 1, 3 or 5 years; - (b) an interest rate that is variable. - (a) is based on the type of interest rate requested by the applicant and approved by the authority; and - (b) is worked out by the authority based on the base lending rate for the type of interest rate when the applicant first draws down the loan or part of the loan. - (a) is worked out by the authority based on the base lending rate for the type of interest rate when the request is approved; and - (b) is applied as soon as practicable but no earlier than the end of any period in which the interest rate is fixed. - (a) for an interest rate that is fixed for a period of 1, 3 or 5 years—means the fixed lending rate of the Queensland Treasury Corporation, plus a margin decided by the authority and approved by the Minister, for the period; or - (b) for an interest rate that is variable—means the variable lending rate of the Queensland Treasury Corporation, plus a margin decided by the authority and approved by the Minister.