sec.274Concession for mortgage duty—home mortgage

### sec.274 Concession for mortgage duty—home mortgage If all owners of a home are home borrowers, mortgage duty is not imposed on the part of the amount secured by the home mortgage that is the lesser of the following— the qualifying amount; if— all the owners are first home borrowers—$250,000; or all the owners are not first home borrowers—$70,000. For owners who are home borrowers to which subsection (1) does not apply, mortgage duty is not imposed on the part of the amount secured by the home mortgage that is the lesser of the following— the total of— for each home borrower—the borrower’s interest multiplied by $70,000; and for each first home borrower—the borrower’s interest multiplied by $250,000; the qualifying amount. The total amount of concessions for mortgage duty on all home mortgages must not be more than the maximum amount of concessions applicable to the borrowers under subsection (1) (b) or (2) (a) . For subsection (2) , a home borrower or first home borrower’s interest is the proportion that the value of the borrower’s interest in the residential land bears to the value of the land. Also, for subsections (1) and (2) , the qualifying amount is the proportion of— for a home mortgage to which section 260 applies or a mortgage package—the dutiable proportion; or for another home mortgage—the amount secured by the mortgage; that corresponds to the part of the advances secured by the mortgage that are used or to be used to finance the purchase or construction of the home by the borrowers to whom the concession relates. For subsection (5) , advances used to refinance an existing home mortgage for the home must be disregarded in working out the advances that are used or to be used to finance the purchase or construction of the home. s 274 amd 2002 No. 65 s 3 (2) sch ; 2004 No. 2 s 8 (sec.274-ssec.1) If all owners of a home are home borrowers, mortgage duty is not imposed on the part of the amount secured by the home mortgage that is the lesser of the following— the qualifying amount; if— all the owners are first home borrowers—$250,000; or all the owners are not first home borrowers—$70,000. (sec.274-ssec.2) For owners who are home borrowers to which subsection (1) does not apply, mortgage duty is not imposed on the part of the amount secured by the home mortgage that is the lesser of the following— the total of— for each home borrower—the borrower’s interest multiplied by $70,000; and for each first home borrower—the borrower’s interest multiplied by $250,000; the qualifying amount. (sec.274-ssec.3) The total amount of concessions for mortgage duty on all home mortgages must not be more than the maximum amount of concessions applicable to the borrowers under subsection (1) (b) or (2) (a) . (sec.274-ssec.4) For subsection (2) , a home borrower or first home borrower’s interest is the proportion that the value of the borrower’s interest in the residential land bears to the value of the land. (sec.274-ssec.5) Also, for subsections (1) and (2) , the qualifying amount is the proportion of— for a home mortgage to which section 260 applies or a mortgage package—the dutiable proportion; or for another home mortgage—the amount secured by the mortgage; that corresponds to the part of the advances secured by the mortgage that are used or to be used to finance the purchase or construction of the home by the borrowers to whom the concession relates. (sec.274-ssec.6) For subsection (5) , advances used to refinance an existing home mortgage for the home must be disregarded in working out the advances that are used or to be used to finance the purchase or construction of the home. - (a) the qualifying amount; - (b) if— (i) all the owners are first home borrowers—$250,000; or (ii) all the owners are not first home borrowers—$70,000. - (i) all the owners are first home borrowers—$250,000; or - (ii) all the owners are not first home borrowers—$70,000. - (i) all the owners are first home borrowers—$250,000; or - (ii) all the owners are not first home borrowers—$70,000. - (a) the total of— (i) for each home borrower—the borrower’s interest multiplied by $70,000; and (ii) for each first home borrower—the borrower’s interest multiplied by $250,000; - (i) for each home borrower—the borrower’s interest multiplied by $70,000; and - (ii) for each first home borrower—the borrower’s interest multiplied by $250,000; - (b) the qualifying amount. - (i) for each home borrower—the borrower’s interest multiplied by $70,000; and - (ii) for each first home borrower—the borrower’s interest multiplied by $250,000; - (a) for a home mortgage to which section 260 applies or a mortgage package—the dutiable proportion; or - (b) for another home mortgage—the amount secured by the mortgage;