83Provisions relating to advances

83 Provisions relating to advances

(1)  An advance, if made in one sum, is to date as from the first day of the month next following the month in which the advance is made.

(2)  An advance made by instalments is to date as from the first day of the month next following the month in which the final instalment is made.

(3)  Interest at the fixed rate per annum is to be paid on an advance, or each instalment of an advance, calculated from the date on which the advance or instalment is made.

(4)  If an advance is made in one sum –

(a) interest, at the fixed rate per annum, is to be calculated from the date on which the advance is made to the first day of the next following month; and

(b) the interest is to be paid to, or may be deducted by, Homes Tasmania at the time at which the advance is made.

(5)  If an advance is made by instalments, then, until and including the first day of the month next following after the month in which the final instalment is made, interest, on all instalments already made, must be –

(a) paid to Homes Tasmania on the first day of each month; or

(b) deducted by Homes Tasmania from any instalment of the advance.

(6)  After the first day of the month next following the month in which an advance, or the final instalment of an advance, is made, the principal, with the interest referred to in subsection (3) , is to be repaid to Homes Tasmania by instalments as agreed between Homes Tasmania and the borrower to whom the advance is made.