sec.279Concession for mortgage duty—home refinance mortgage

### sec.279 Concession for mortgage duty—home refinance mortgage If all of the owners of a home are home refinance borrowers, mortgage duty is not imposed on the part of the amount secured by the home refinance mortgage that is the lesser of the following— the refinance qualifying amount; $100,000. If all of the owners of a home are not home refinance borrowers, mortgage duty is not imposed on the part of the amount secured by the home refinance mortgage up to the amount that is the lesser of the following— home refinance borrowers’ interests multiplied by $100,000; the refinance qualifying amount. The total amount of concessions for mortgage duty on all home refinance 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 refinance borrower’s interest is the proportion that the value of the home refinance borrower’s interest in the residential land bears to the value of the land. Also, for subsections (1) and (2) , the refinance qualifying amount is the proportion of— for a home refinance mortgage to which section 260 applies or a mortgage package—the amount of the dutiable proportion; or for another home refinance mortgage—the amount secured or to be secured by the home refinance mortgage; that corresponds to the part of the advances secured by the mortgage that are used or to be used to repay the balance outstanding on the previous mortgage by the borrowers to whom the concession relates. For subsection (5) , advances used to finance the acquisition of a home or first home must be disregarded in working out the advances that are used or to be used to repay the balance outstanding under the previous mortgage. (sec.279-ssec.1) If all of the owners of a home are home refinance borrowers, mortgage duty is not imposed on the part of the amount secured by the home refinance mortgage that is the lesser of the following— the refinance qualifying amount; $100,000. (sec.279-ssec.2) If all of the owners of a home are not home refinance borrowers, mortgage duty is not imposed on the part of the amount secured by the home refinance mortgage up to the amount that is the lesser of the following— home refinance borrowers’ interests multiplied by $100,000; the refinance qualifying amount. (sec.279-ssec.3) The total amount of concessions for mortgage duty on all home refinance mortgages must not be more than the maximum amount of concessions applicable to the borrowers under subsection (1) (b) or (2) (a) . (sec.279-ssec.4) For subsection (2) , a home refinance borrower’s interest is the proportion that the value of the home refinance borrower’s interest in the residential land bears to the value of the land. (sec.279-ssec.5) Also, for subsections (1) and (2) , the refinance qualifying amount is the proportion of— for a home refinance mortgage to which section 260 applies or a mortgage package—the amount of the dutiable proportion; or for another home refinance mortgage—the amount secured or to be secured by the home refinance mortgage; that corresponds to the part of the advances secured by the mortgage that are used or to be used to repay the balance outstanding on the previous mortgage by the borrowers to whom the concession relates. (sec.279-ssec.6) For subsection (5) , advances used to finance the acquisition of a home or first home must be disregarded in working out the advances that are used or to be used to repay the balance outstanding under the previous mortgage. - (a) the refinance qualifying amount; - (b) $100,000. - (a) home refinance borrowers’ interests multiplied by $100,000; - (b) the refinance qualifying amount. - (a) for a home refinance mortgage to which section 260 applies or a mortgage package—the amount of the dutiable proportion; or - (b) for another home refinance mortgage—the amount secured or to be secured by the home refinance mortgage;