New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 93

93 Right to redeem before time fixed for redemption

(1) A mortgagor is entitled to redeem the mortgaged property although the time appointed for redemption has not arrived; but in such case the mortgagor shall pay to the mortgagee, in addition to any other moneys then owing under the mortgage, interest on the principal sum secured thereby for the unexpired portion of the term of the mortgage: Provided that redemption under this subsection shall not prejudice the right of the mortgagee to any collateral benefit, or to enforce any burden or restriction to the extent to which the mortgagee would be entitled under the mortgage or otherwise if the mortgage were paid off at the due date.

(2) For the purposes of this section
"moneys owing under a mortgage" includes all costs, charges, and expenses reasonably and properly incurred by the mortgagee--

(a) for the protection and preservation of the mortgaged land or the title thereto, or otherwise in accordance with the provisions of the mortgage, and

(b) with a view to the realisation of the mortgagee's security,

and in either case includes interest on the sums so expended after the rate expressed in the mortgage.

(3) This section applies to mortgages made either before or after the commencement of this Act, and shall have effect notwithstanding any stipulation to the contrary.

(4) This section applies to mortgages under the Real Property Act 1900 .