Victorian Current Acts

DUTIES ACT 2000 - SECT 169

    (1)     If—

        (a)     a mortgage secures an amount advanced under a consumer credit contract and no other advances; and

        (b)     the total amount advanced under the consumer credit contract does not exceed $35 000—

the mortgage is exempt from mortgage duty.

    (2)     If—

        (a)     a mortgage secures an amount advanced under a consumer credit contract and another advance; and

        (b)     the total amount advanced under the consumer credit contract does not exceed $35 000—

mortgage duty is not chargeable on the mortgage in relation to the amount advanced under the consumer credit contract.

    (3)     If—

        (a)     a mortgage secures an amount advanced under a consumer credit contract (whether or not it also secures any other advance); and

        (b)     the total amount advanced under the consumer credit contract exceeds $35 000—

the whole of the amount advanced under the consumer credit contract comprises or forms part of the advances secured by the mortgage.

    (4)     An exemption provided by subsection (1) or (2) is not available to the extent to which the consumer credit is provided for the purposes of—

        (a)     the acquisition of a private dwelling house or land on which to erect a private dwelling house; or

        (b)     the erection of a private dwelling house or the addition of accommodation to a private dwelling house.

    (5)     In this section—

"consumer credit" means credit regulated under the Consumer Credit Code;

S. 169(5) def. of Consumer Credit Code amended by No. 11/2010 s. 42(2).

"Consumer Credit Code" means—

        (a)     the provisions of the Code by that name set out in the Appendix to the Consumer Credit (Queensland) Act 1994 of Queensland, as applied and in force in any State or Territory before its repeal in that State or Territory; or

        (b)     the provisions of an Act of a State or Territory that are in the same, or substantially the same, terms as that Code;

"private dwelling house" means—

        (a)     a building that is designed, or is designed principally, as a separate residence for one family or person; or

        (b)     an apartment, flat or other part of a building that is so designated.