DUTIES ACT 1997 - SECT 223
Mortgages associated with certain credit contracts
DUTIES ACT 1997 - SECT 223
Mortgages associated with certain credit contracts
223 Mortgages associated with certain credit contracts
(1) If-- (a) a mortgage secures an amount advanced under a credit contract and
no other advance, and
(b) the total amount advanced under the credit contract
does not exceed $35,000,
mortgage duty is not chargeable in respect of the
mortgage.
(2) If-- (a) a mortgage secures an amount advanced under a
credit contract and another advance, and
(b) 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.
(3) If-- (a) a mortgage secures an amount advanced under a credit contract
(whether or not it also secures any other advance), and
(b) 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.
(5) 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.
