s 272
In forceWhat is a home and first home for div 2
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
272 What is a home and first home for div 2
(1)
For this division—
(a)
a residence that is constructed is a person’s home or first home if it is the person’s home or first home under section 86; and
(b)
a residence that is to be constructed is a person’s home or first home if, when constructed, it will be the person’s home or first home under section 86.
(2)
For subsection (1), section 86(2)(b) does not apply.
(3)
For subsection (1)(b), section 86 applies as if the reference to a period of 1 year after the person’s transfer date for the residential land were a reference to a period of 2 years after the date the mortgage was first signed.
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