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(4) (Repealed)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 as set out in Schedule 1 to the National Consumer Credit Protection Act 2009 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].