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Rural and Regional Adjustment Regulation 2011
sch.7-sec.10Terms of repayment
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### sch.7-sec.10 Terms of repayment
The term of a loan under the scheme is the term decided by the authority up to a maximum of 10 years.
The amounts of the repayments of principal and interest under the loan are the amounts decided by the authority, subject to subsections (3) and (4) .
However, the authority may—
review an applicant’s financial situation annually to decide whether or not to increase the interest rate charged for the loan; and
if the authority considers the applicant’s financial situation has improved—increase the interest rate up to a commercial rate of interest.
The authority may allow deferral of repayments of the principal under the loan for up to 2 years, if the principal and interest are repaid over the balance of the term of the loan.
sch 7 s 10 prev sch 7 s 10 om 2014 SL No. 51 s 6
pres sch 7 s 10 ins 2014 SL No. 169 s 5
amd 2018 SL No. 172 s 23
(sch.7-sec.10-ssec.1) The term of a loan under the scheme is the term decided by the authority up to a maximum of 10 years.
(sch.7-sec.10-ssec.2) The amounts of the repayments of principal and interest under the loan are the amounts decided by the authority, subject to subsections (3) and (4) .
(sch.7-sec.10-ssec.3) However, the authority may— review an applicant’s financial situation annually to decide whether or not to increase the interest rate charged for the loan; and if the authority considers the applicant’s financial situation has improved—increase the interest rate up to a commercial rate of interest.
(sch.7-sec.10-ssec.4) The authority may allow deferral of repayments of the principal under the loan for up to 2 years, if the principal and interest are repaid over the balance of the term of the loan.
- (a) review an applicant’s financial situation annually to decide whether or not to increase the interest rate charged for the loan; and
- (b) if the authority considers the applicant’s financial situation has improved—increase the interest rate up to a commercial rate of interest.