Part 1B Minimum instalments—purchases of land

4G   Application of Part

(1)  This Part applies in respect of any purchase of land under this Act, including an incomplete purchase.

(2)  Subject to subsection (3), this Part does not apply in respect of a purchase of land situated in the Western Division.

(3)  The regulations may apply the provisions of this Part, with or without modification, in respect of land situated in the Western Division.

(4)  This Part, and any regulations made under subsection (3), have effect despite anything to the contrary in this Act and despite any condition to which a purchase (or incomplete purchase) is subject.

4H   Minimum annual instalments

(1)  An annual instalment of the purchase price of land under this Act is not in any case to be less than the minimum annual instalment payable at the due date.

(2)  If an annual instalment of the purchase price of land (whether with or without interest added) is less than the minimum annual instalment at the due date, the annual instalment is increased to the minimum annual instalment.

(3)  For the purpose of this Act, the minimum annual instalment at each due date is determined in accordance with the following formula:

where:

M represents the minimum annual instalment.

B represents the annual instalment base.

C represents the Consumer Price Index number for the last quarter for which such a number was published before the due date for the annual instalment.

D represents the Consumer Price Index number for the last quarter for which such a number was published before the annual instalment base adjustment date.

(4)  In this section:

annual instalment base means $350 or such higher amount as the regulations may from time to time prescribe.

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

4I   Minimum half-yearly instalments

(1)  A half-yearly instalment of the purchase price of land under this Act is not in any case to be less than the minimum half-yearly instalment payable at the due date.

(2)  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.

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

where:

M represents the minimum half-yearly instalment.

B represents the half-yearly instalment base.

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

(4)  In this section:

half-yearly instalment base means $175 or such higher amount as the regulations may from time to time prescribe.

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.

4J   Adjustment of final instalment

If the balance of purchase money and interest owing in respect of a purchase is at any time less than the amount of a minimum annual instalment or, in the case of instalments paid half-yearly, the minimum half-yearly instalment, the balance only is payable.