Q. What is Default Interest?
A. The Contract allows the Seller to charge the Buyer default interest on any late payment required to be paid pursuant to the Contract, the interest will continue to accrue until such time that the payment is made.
TIP: If no default interest rate amount is noted in the Contract the default rate provided by the Queensland Law Society will apply. The default interest rate can be found by accessing the website of the Queensland Law Society.
Please feel free to contact Ownit Conveyancing team today if you have any queries regarding the new changes.
Visit our conveyancing offices at the following suburbs in Queensland: