223Mortgages associated with certain credit contracts

#### 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. > > > (4) (Repealed) > > > (5) In this section— > > > > credit contract means a credit contract within the meaning of the [National Credit Code](http://www.legislation.gov.au/) as set out in Schedule 1 to the [National Consumer Credit Protection Act 2009](http://www.legislation.gov.au/) of the Commonwealth. > > **s 223:** Am 2002 No 108, Sch 1 \[31\]; 2007 No 22, Sch 1 \[9\] \[10\]; 2010 No 6, Sch 2.4 \[1\] \[2\].