Document ID: chunk:federal_register_of_legislation:C2025C00120:section:141:p1
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 141 (pt 1/3)
Character Range: 544643–547074

141  Housing loans, prescribed interests in land or stratum units and proprietary rights in respect of dwellings
 (1) For the purposes of this Act, where:
 (a) a loan is made to, and used by, a person (whether in his or her own right or jointly with his or her spouse) wholly:
 (i) to enable the person to acquire a prescribed interest in land on which a building constituting or containing a dwelling was subsequently to be constructed or to acquire a prescribed interest in land and construct, or complete the construction of, such a building on the land;
 (ii) to enable the person to construct, or complete the construction of, a building constituting or containing a dwelling on land in which the taxpayer held a prescribed interest;
 (iii) to enable the person to acquire a prescribed interest in land on which there was a building constituting or containing a dwelling;
 (iv) to enable the person to acquire a prescribed interest in a stratum unit in relation to a dwelling;
 (v) to enable the person to extend a building constituting or containing a dwelling, being a building constructed on land in which the taxpayer held a prescribed interest, by adding a room or part of a room to the building or the part of the building containing the dwelling, as the case may be;
 (vi) in a case where the person held a prescribed interest in a stratum unit in relation to a dwelling—to enable the person to extend the dwelling by adding a room or part of a room to the dwelling;
 (vii) to enable the person to acquire a proprietary right in respect of a dwelling, being a flat or a home unit; or
 (viii) to enable the person to repay a loan that was made to, and used by, the person wholly for a purpose mentioned in a preceding subparagraph of this paragraph; and
 (b) at the time the loan was made, the dwelling was used or proposed to be used as the person's usual place of residence;
the loan shall be taken to be a housing loan relating to the dwelling.
 (2) For the purposes of this Act:
 (a) where:
 (i) a person acquires, holds or held an estate in fee simple in land or in a stratum unit or 2 or more persons acquire, hold or held such an estate in land or in a stratum unit as joint tenants or tenants in common;
 (ii) a person acquires, holds or held an interest in land or in a stratum unit as lessee or licensee, or 2 or more persons acquire, hold or held jointly an interest in land or in a stratum unit as lessees or