37Minimum half-yearly instalments

37 Minimum half-yearly instalments

37 Minimum half-yearly instalments

(1) This clause applies to a continued incomplete tenure purchase with a purchase price payable by half-yearly instalments.

(2) A half-yearly instalment of the purchase price of land is not to be less than the minimum half-yearly instalment payable at the due date.

(3) If a half-yearly instalment of the purchase price of land (whether with or without interest added) is less than the minimum half-yearly instalment, the half-yearly instalment is increased to the minimum half-yearly instalment.

(4) For the purpose of this Part, the minimum half-yearly instalment at each due date is determined in accordance with the following formula—

where—

M is the minimum half-yearly instalment.

B is the half-yearly instalment base.

C is the Consumer Price Index number for the last quarter for which such a number was published before the due date for the half-yearly instalment.

D is the Consumer Price Index number for the last quarter for which such a number was published before the half-yearly instalment base adjustment date.

(5) If the balance of purchase money and interest owing in respect of the continued incomplete tenure purchase is at any time less than the amount of the minimum half-yearly instalment, the balance only is payable.

(6) In this clause—

half-yearly instalment base means $175 or any higher amount that may be prescribed by the regulations.

half-yearly instalment base adjustment date means 1 July 2004 or, if the half-yearly instalment base is prescribed by the regulations, the date prescribed by the regulations as the half-yearly instalment base adjustment date.