sec.275Concession for mortgage duty—particular trusts

### sec.275 Concession for mortgage duty—particular trusts This section applies if— the trustee of a trust, other than a discretionary or unit trust, gives a mortgage to secure an advance to the trustee to finance the purchase or construction of a home or a further interest in a home; and the beneficiaries are individuals all of whom are under a legal disability; and the residence is the home of all or some of the beneficiaries. This division applies as if— the mortgage were a home mortgage; and the beneficiaries were the home borrowers or first home borrowers under it; and the beneficiaries were the owners of the home. However, section 273 (2) (b) and (3) applies in relation to a beneficiary only if the beneficiary is under a legal disability only because the beneficiary is not at least 18 years of age. s 275 amd 2004 No. 2 s 9 (sec.275-ssec.1) This section applies if— the trustee of a trust, other than a discretionary or unit trust, gives a mortgage to secure an advance to the trustee to finance the purchase or construction of a home or a further interest in a home; and the beneficiaries are individuals all of whom are under a legal disability; and the residence is the home of all or some of the beneficiaries. (sec.275-ssec.2) This division applies as if— the mortgage were a home mortgage; and the beneficiaries were the home borrowers or first home borrowers under it; and the beneficiaries were the owners of the home. (sec.275-ssec.3) However, section 273 (2) (b) and (3) applies in relation to a beneficiary only if the beneficiary is under a legal disability only because the beneficiary is not at least 18 years of age. - (a) the trustee of a trust, other than a discretionary or unit trust, gives a mortgage to secure an advance to the trustee to finance the purchase or construction of a home or a further interest in a home; and - (b) the beneficiaries are individuals all of whom are under a legal disability; and - (c) the residence is the home of all or some of the beneficiaries. - (a) the mortgage were a home mortgage; and - (b) the beneficiaries were the home borrowers or first home borrowers under it; and - (c) the beneficiaries were the owners of the home.