Western Australian Consolidated Acts

HOUSING ACT 1980 - SECT 59

59 .         Special powers of lending institutions to make advances of moneys, other than by way of mortgage

                Notwithstanding anything to the contrary contained in any Act or delegated legislation or the instrument of constitution of a lending institution, the lending institution may make advances to a borrower other than upon security of freehold or leasehold property by way of mortgage where —

            (a)         the moneys being advanced to the borrower have been loaned to the lending institution under a loan agreement; and

            (b)         the moneys being advanced to the borrower will be used by him to purchase a house erected upon, or to erect a house upon, land which at the time the advance is made is held by the Authority.

        [Section 59 amended by No. 28 of 2006 s. 332.]