17What is a housing loan?

17 What is a housing loan?

A loan is taken to be a housing loan if:

(a) the loan is made to, or used by, a recipient (whether in his or her own right or jointly with his or her partner) wholly:

(i) to enable the recipient to acquire a relevant interest in land on which a dwelling or a building containing a dwelling is to be constructed; or

Note For the meaning of relevant interest, see clause 18.

(ii) to enable the recipient to acquire a relevant interest in land and construct, or complete the construction of, a dwelling or a building containing a dwelling on the land; or

(iii) to enable the recipient to construct, or complete the construction of, a dwelling or a building containing a dwelling on land in which the recipient held a relevant interest; or

(iv) to enable the recipient to acquire a relevant interest in land on which there was a dwelling or a building containing a dwelling; or

(v) to enable the recipient to acquire a relevant interest in a stratum unit in relation to a dwelling; or

(vi) to enable the recipient to extend a building that:

(A) is a dwelling or contains a dwelling; and

(B) is constructed on land in which the recipient held a relevant interest:

by adding a room, or part of a room, to the building or the part of the building containing the dwelling, as the case may be; or

(vii) if the recipient held a relevant interest in a stratum unit in relation to a dwelling — to enable the recipient to extend the dwelling by adding a room or part of a room to the dwelling; or

(viii) to enable the recipient to repay a loan that was made to, and used by, the recipient wholly for a purpose mentioned in subparagraphs (i) to (vii) (inclusive); and

(b) when the loan was made, the dwelling was used, or proposed to be used, as the recipient’s usual place of residence.