273
In forceWho is a home borrower and a first home borrower
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
273 Who is a home borrower and a first home borrower
(1)
A person is a home borrower if the person is the mortgagor under a home mortgage.
(2)
A home borrower is a first home borrower if—
(a)
the borrower’s home mortgage secures an advance to the borrower to finance the purchase or construction of the borrower’s first home; and
(b)
the borrower is an individual of at least 18 years of age on the day the liability for mortgage duty arises.
(3)
The commissioner may exempt an individual from the requirement that the individual be at least 18 years of age if the commissioner is satisfied there is no avoidance scheme in relation to the home mortgage.
This Act’s bill:Explanatory memorandum
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