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LZ 7: Maximum amount of credit under section LZ 6
or “Limit on tax credit for home vendor mortgage lending”
You could also call this:

“Explanation of a special home loan guaranteed by Housing New Zealand before August 1982”

A home vendor mortgage is a special type of loan when you’re buying a house. Here’s what it means:

The person selling the house gives you a loan to help you buy it. This loan is secured by a mortgage on the house. The Housing New Zealand Corporation guarantees this loan as part of their mortgage guarantee scheme. They approved this type of loan on or before 5 August 1982 to give you a credit. The Housing New Zealand Corporation has to tell the Commissioner about the guarantee, approval, and any changes to it.

This definition is used in sections LZ 6 and LZ 7 of the law. These sections talk about tax credits and other credits in the Income Tax Act 2007.

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Next up: LZ 9: Savings in special home ownership accounts

or “Special home ownership savings accounts are no longer recognised”
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Part L Tax credits and other credits
Terminating provisions

LZ 8Meaning of home vendor mortgage

  1. In sections LZ 6 and LZ 7, home vendor mortgage means a mortgage—

  2. that secures a loan provided by the vendor or vendors of a house; and
    1. that is guaranteed by the Housing New Zealand Corporation under its housing mortgage guarantee scheme; and
      1. that has been approved by the Housing New Zealand Corporation, on or before 5 August 1982, for the purpose of the credit under this section; and
        1. for which notice of such guarantee and approval and of any variation has been delivered by the Housing New Zealand Corporation to the Commissioner.

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