Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 280

280 Concession for mortgage duty—particular trusts

(1) This section applies if—

(a) the trustee of a trust, other than a discretionary or unit trust, gives a mortgage to secure an advance to the trustee, all or part of which is used, or to be used, to repay the balance outstanding under a previous mortgage over 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.

(2) This division applies as if—

(a) the mortgage were a home refinance mortgage; and

(b) the beneficiaries were the home refinance borrowers under it; and

(c) the beneficiaries were the owners of the home.