84EB Loan securities associated with certain consumer credit contracts

(1) If:
(a)  a loan security is security for an amount advanced under a consumer credit contract and no other advance, and

(b)  the total amount advanced under the consumer credit contract does not exceed $35,000,
the loan security is exempt from duty.
(2) If:
(a)  a loan security is security for 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,
duty is not chargeable on the loan security in relation to the amount advanced under the consumer credit contract.
(3) If:
(a)  a loan security is security for an amount advanced under a consumer credit contract (whether or not it is also security for 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 amount or the maximum amount that is or may become payable or repayable under or that is secured by the loan security.
(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.
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 Australian jurisdiction, or

(b)  the provisions of an Act of an Australian jurisdiction that are in the same, or substantially the same, terms as that Code.

private dwelling house includes a lot within the meaning of the Strata Schemes Management Act 1996 used as a place of residence.