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Calculating interest under a HIA contract
HIA Contracts in Victoria permit builders to charge interest on late payments at a percentage nominated by both parties from the date the payment is payable to the date the payment is made.
This resource shows builders how to calculate interest owing to them once a preferred interest rate has been nominated. In some cases a default interest rate will apply if one hasn’t been nominated.
In cases where no interest rate is nominated and there is no default, the builder may bring legal action against the owner if they have not made payment by the due date.
The resource contains an example of a late payment by a customer and the amount of interest charged to that customer.
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Who is it for?
Building Professionals
This resource is designed for builders and industry professionals who want to charge interest on late payments by their customers.
What does it include?
- Calculating interest
- What happens if you don't elect an interest rate.