DUTIES ACT 2001 - SECT 273
Who is a home borrower and a first home borrower
DUTIES ACT 2001 - SECT 273
Who is a home borrower and a first home borrower
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.
