Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 85

85 .         Meaning of “home mortgage”

        (1)         A mortgage is a home mortgage if —

            (a)         the mortgagor is an individual;

            (b)         part or all of the secured amount is used for a dwellinghouse as provided by subsection (2); and

            (c)         the dwellinghouse is being or will be used by the mortgagor as his or her sole or principal place of residence.

        (2)         An amount is used for a dwellinghouse if it is used solely in or towards the cost of any of the following —

            (a)         purchasing any property which is or includes a dwellinghouse;

            (b)         building a dwellinghouse;

            (c)         effecting improvements or additions to a dwellinghouse;

            (d)         repaying money that was used solely for a purpose referred to in paragraph (a), (b) or (c).

        [Section 85 inserted by No. 66 of 2003 s. 79.]

        [Heading inserted by No. 66 of 2003 s. 79.]