Concession for mortgage duty—home refinance mortgage
279 Concession for mortgage duty—home refinance mortgage
(1) If all of the
owners of a home are home refinance borrowers, mortgage duty is not imposed on
the part of the amount secured by the home refinance mortgage that is the
lesser of the following—
(a) the refinance qualifying amount;
(b) $100,000.
(2) If all of the owners of a home are not home refinance borrowers, mortgage
duty is not imposed on the part of the amount secured by the home refinance
mortgage up to the amount that is the lesser of the following—
(a) home
refinance borrowers’ interests multiplied by $100,000;
(b) the refinance
qualifying amount.
(3) The total amount of concessions for mortgage duty on
all home refinance mortgages must not be more than the maximum amount of
concessions applicable to the borrowers under subsection (1) (b) or (2) (a) .
(4) For subsection (2) , a home refinance borrower’s interest is the
proportion that the value of the home refinance borrower’s interest in the
residential land bears to the value of the land.
(5) Also, for subsections
(1) and (2) , the refinance qualifying amount is the proportion of—
(a) for
a home refinance mortgage to which section 260applies or a mortgage
package—the amount of the dutiable proportion; or
(b) for another home
refinance mortgage—the amount secured or to be secured by the home refinance
mortgage;
that corresponds to the part of the advances secured by the mortgage
that are used or to be used to repay the balance outstanding on the previous
mortgage by the borrowers to whom the concession relates.
(6) For subsection
(5) , advances used to finance the acquisition of a home or first home must be
disregarded in working out the advances that are used or to be used to repay
the balance outstanding under the previous mortgage.
