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Maximum Refundable Accommodation Deposit (RAD) $475,000
Interest Rate Per Annum                                                        5.94%

Hence the formula for calculating the daily accommodation payment (DAP) is calculated by deducting the amount the resident wishes to pay less the maximum RAD ($475,000) and multiplying this amount by 5.94% then dividing by 365. This figure calculates the daily payment amount or DAP.

Examples:

  1. Paid $475,000 then interest payable per day is $0
  2. Paid $0 then interest payable per day is $77.30
    ie. Interest is payable on the full amount 475,000 x .0594 / 365 = $77.30
  3. Paid $300,000 then interest per day is $28.48
    ie. Interest is payable on 175,000 x .0594 / 365 = $28.48
  4. Paid $150,000 then interest per day is $52.89
    ie. Interest is payable on 325,000 x .0594 / 365 = $52.89