Mortgages associated with certain credit contracts
223 Mortgages associated with certain credit contracts
If—
a mortgage secures an amount advanced under a credit contract and no other advance, and
the total amount advanced under the credit contract does not exceed $35,000,
mortgage duty is not chargeable in respect of the mortgage.
If—
a mortgage secures an amount advanced under a credit contract and another advance, and
the total amount advanced under the credit contract does not exceed $35,000,
mortgage duty is not chargeable on the mortgage in relation to the amount advanced under the credit contract.
If—
a mortgage secures an amount advanced under a credit contract (whether or not it also secures any other advance), and
the total amount advanced under the credit contract exceeds $35,000,
the whole of the amount advanced under the credit contract comprises or forms part of the advances secured by the mortgage.
(Repealed)
In this section—
credit contract means a credit contract within the meaning of the National Credit Code as set out in Schedule 1 to the National Consumer Credit Protection Act 2009 of the Commonwealth.
This Act’s bill:Explanatory memorandumSecond reading speech
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