Regulation 9

Subject to regulation 8A, where a member has entered into an agreement to purchase or acquire a residential property or has obtained a housing loan or both whether before or after 1 June 1981, the Board may, on application being made by the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn by the member and used for the payment of the purchase price or part of the purchase price of the residential property or the repayment of the housing loan or both, as the case may be.

A member who has obtained a housing loan is not entitled to make any withdrawals under these Regulations for the repayment of the loan unless the loan is for a fixed term or is granted on an overdraft basis and the repayment of the loan is secured by a mortgage on the residential property.

Despite paragraph (2), the Board may, in its discretion and subject to such terms and conditions as it may impose, authorise a member who has obtained a housing loan to make withdrawals under these Regulations for the repayment of the loan if the Board is satisfied that the loan is for a fixed term or is granted on an overdraft basis and the repayment of the loan is secured by a mortgage on another residential property of which the member is the owner or a joint‑owner.