Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation is made for subsection 86A(2) of the Code.
(2) The market value of a reverse mortgaged property is:
(a) if the property has not been sold--the property's market value, as determined by an accredited valuer within 3 months before the credit provider receives an amount from the debtor to discharge the reverse mortgage; or
(b) if the property has been sold--the property's sale price.
(3) However, if the market value under paragraph (2)(b) is reduced because:
(a) the debtor, or a person who occupied the property with the debtor's consent, deliberately damaged the property; or
(b) the sale was not conducted in good faith; or
(c) the sale was not conducted on fair and reasonable terms;
the market value of the property is the market value at the time of the sale, as determined by an accredited valuer.
(4) In this regulation:
"accredited valuer" , in relation to a property, means a person who is:
(a) accredited as a certified practising valuer by the Australian Property Institute; or
(b) a professional member of the Royal Institution of Chartered Surveyors who is entitled to be described as a Chartered Valuation Surveyor; or
(c) registered or otherwise authorised, under the laws of the State or Territory in which the property is situated, to value that kind of property.