87Purchaser or borrower to pay amounts on account

87 Purchaser or borrower to pay amounts on account

(1)  A purchaser or borrower may, in addition to making any payment in accordance with the purchaser’s or borrower’s contract, deposit with Homes Tasmania any sum –

(a) that is not less than $10; and

(b) that is $10 or a multiple of $10.

(2)  A sum deposited in accordance with subsection (1) is to be credited to the purchaser or borrower with compound interest calculated yearly at the same rate as is charged on the purchase-money or advance to which the sum relates.

(3)  Deposits and interest accumulated to the credit of a purchaser or borrower under this section are to be available for payment of any instalments, arrears of instalments, or other payments, due to Homes Tasmania by the purchaser or borrower.