s 271
In forceWhat is a home mortgage
Chapter 5Mortgage duty
Part 6Concessions for home mortgages and first home mortgages
Division 2Concessions for mortgage duty for home mortgages
Subdivision 1Some basic concepts about concessions for mortgage duty for home mortgages
271 What is a home mortgage
(1)
A home mortgage is a mortgage given by a person to the extent that the mortgage secures an advance to the person to finance the purchase or construction of the person’s home or a further interest in the person’s home.
(2)
A home mortgage or, if there is more than 1 home mortgage, at least 1 of them, must be over the residential land.
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