Commonwealth Numbered Acts Commonwealth Numbered Acts(1) The Secretary must be satisfied that the subsidised loan is used, or is to be used, to do one of the following:
(a) to buy the interest in land, if there is a house on the land;
(b) to buy the interest in land and undertake work ( building work ) on the land consisting of any of the following:
(i) the construction or the completion of a house, other than a unit, on the land;
(ii) the enlargement, renovation or repair of a house on the land;
(iii) the construction of any other permanent improvement on the land, if the improvement is used primarily for private or domestic purposes in association with the house;
(c) if the subsidised borrower already has an interest in the land--to undertake building work on the land;
(d) to discharge another loan used by the subsidised borrower for a purpose mentioned in paragraph (a), (b) or (c).
(2) If a house mentioned in subsection (1) is a unit, paragraphs (1)(b) and (c) do not cover building work in relation to any accompanying common property.
Note: For the definitions of house and unit , see section 3.