sec.273Who is a home borrower and a first home borrower

### sec.273 Who is a home borrower and a first home borrower A person is a home borrower if the person is the mortgagor under a home mortgage. A home borrower is a first home borrower if— the borrower’s home mortgage secures an advance to the borrower to finance the purchase or construction of the borrower’s first home; and the borrower is an individual of at least 18 years of age on the day the liability for mortgage duty arises. 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. s 273 amd 2004 No. 2 s 7 (sec.273-ssec.1) A person is a home borrower if the person is the mortgagor under a home mortgage. (sec.273-ssec.2) A home borrower is a first home borrower if— the borrower’s home mortgage secures an advance to the borrower to finance the purchase or construction of the borrower’s first home; and the borrower is an individual of at least 18 years of age on the day the liability for mortgage duty arises. (sec.273-ssec.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. - (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.