(1)  A person may apply in writing to the Commissioner for a loan to pay duty on any instrument dutiable under Chapters 2 or 6 that is made to, by or with that person in respect of land purchased or money borrowed to finance the purchase of that land if –

(a) a building intended for use as a single dwelling is constructed on that land that is, or will be, the first to be established as a residence by that person or by that person jointly with another person (whether in this State or elsewhere) on land purchased or held in an estate in fee simple or under a lease that provides a reasonable expectation of occupation for the remainder of the person's life; and

(b) the building is, or will be, used as that person's usual place of residence and is not being, or will not be, used as a means of providing a source of income; and

(c) the value of that land, including the building, does not exceed $120 000.

(2)  For the purpose of subsection (1)(c) , the value of land is whichever is the greater of the following:

(a) the purchase price paid and the value of chattels included in that sale of that land;

(b) the capital value of the land determined by the Valuer-General as at the date on which the land was purchased together with the value of any chattels included in the purchase of the land as determined by a person considered by the Commissioner to be competent to value those chattels.

(3)  The Commissioner may require an applicant to furnish any evidence the Commissioner considers necessary to satisfy the Commissioner that the applicant is entitled to obtain the loan.

(4)  The Commissioner, if satisfied that an applicant is entitled under subsection (1) to obtain a loan, may make a loan to the applicant of an amount equal to the amount of duty payable on any relevant instrument if the applicant enters into an agreement with the Commissioner under section 253 .

(5)  Except as provided in section 253(2) , a loan is not subject to the payment of interest.