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SOCIAL SECURITY ACT 1991 - SECT 1133

Qualification for participation in pension loans scheme

Person not member of a couple

             (1)  A person who is not a member of a couple is qualified to participate in the pension loans scheme if:

                     (a)  the person is receiving or is qualified for:

                              (i)  age pension; or

                             (ii)  disability support pension; or

                            (iii)  carer payment; and

                     (c)  the person has reached pension age; and

                    (ca)  the person is not bankrupt; and

                   (cb)  the person is not subject to a personal insolvency agreement under Part X of the Bankruptcy Act 1966 ; and

                    (cc)  the Secretary is satisfied that there is adequate and appropriate insurance in relation to the person's real assets; and

                     (d)  either:

                              (i)  the Secretary is satisfied that the value of the person's real assets (after deduction of any nominated amount) is sufficient to secure the payment of any debt that may become payable to the Commonwealth under this Division; or

                             (ii)  subsection (3) applies to the person.

Note 2:       For real assets see subsection 1133AA(1).

Note 3:       For nominated amount , see subsection 1133AA(1).

Note 4:       For pension age see subsections 23(5A), (5B), (5C) and (5D).

Person member of a couple

             (2)  A person who is a member of a couple is qualified to participate in the pension loans scheme if:

                     (a)  the person is receiving or is qualified for:

                              (i)  an age pension; or

                             (ii)  a disability support pension; or

                            (iv)  a carer payment; and

                     (c)  the person:

                              (i)  has reached pension age; or

                             (ii)  is the partner of a person who has reached pension age; and

                    (ca)  the person is not bankrupt; and

                   (cb)  the person is not subject to a personal insolvency agreement under Part X of the Bankruptcy Act 1966 ; and

                    (cc)  the Secretary is satisfied that there is adequate and appropriate insurance in relation to the couple's real assets; and

                     (d)  either:

                              (i)  the Secretary is satisfied that the value of the couple's real assets (after deduction of any nominated amount) is sufficient to secure the payment of any debt that may become payable to the Commonwealth under this Division; or

                             (ii)  subsection (3) applies to both of the members of the couple.

Note 2:       For real assets see subsection 1133AA(1).

Note 3:       For nominated amount , see subsection 1133AA(1).

Note 4:       For pension age see subsections 23(5A), (5B), (5C) and (5D).

             (3)  This subsection applies to a person if:

                     (a)  either:

                              (i)  the person is an attributable stakeholder of a company or trust (within the meaning of Part 3.18); or

                             (ii)  the person is a member of a couple and the other member of the couple is an attributable stakeholder of a company or trust (within the meaning of Part 3.18); and

                     (b)  the company or trustee has given the Commonwealth a guarantee that the company or trustee will pay any debt that may become payable to the Commonwealth by the person under this Division; and

                     (c)  the company's or trustee's liability under the guarantee is secured by a charge against real property of the company or trust in Australia; and

                     (d)  the Secretary is satisfied that the value of that real property is sufficient to secure the payment of any amount that may become payable by the company or trustee under the guarantee; and

                     (e)  the Secretary has, by writing, approved the guarantee and the charge.

Value of real property

             (4)  In working out the value of real property for the purposes of subparagraph (1)(d)(i) or (2)(d)(i) or paragraph (3)(d):

                     (a)  disregard section 1121; and

                     (b)  the Secretary may take into account any charge or encumbrance over the property.



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