1. What is Post Judgment Interest in NSW?

Post judgment interest in NSW is the interest that accrues on a court judgment debt from the date of judgment until payment. The rate is typically the cash rate plus 6% as prescribed by the Uniform Civil Procedure Rules 2005 (NSW).

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( Principal \) — The judgment amount in AUD
• \( Rate \) — The annual interest rate (cash rate + 6%) as a decimal
• \( Days \) — The number of days since judgment

Explanation: The formula calculates simple interest on the judgment amount for the specified period at the prescribed rate.

3. Importance of Calculating Judgment Interest

Details: Accurate interest calculation ensures creditors receive full compensation for the time value of money and encourages timely payment of judgments.

4. Using the Calculator

Tips: Enter the judgment amount in AUD, the annual interest rate (default is 6%), and the number of days since judgment. All values must be valid (principal > 0, rate ≥ 0, days > 0).

5. Frequently Asked Questions (FAQ)

Q1: What is the current post judgment interest rate in NSW?
A: The rate changes quarterly and is the RBA cash rate plus 6%. Check the latest rate from the NSW Courts website.

Q2: How is the number of days calculated?
A: Count all calendar days from the judgment date to the payment date (inclusive).

Q3: Is interest compounded?
A: No, NSW post judgment interest is simple interest, not compounded.

Q4: Are there any exceptions to this calculation?
A: Some judgments may specify different interest terms. Always check the court order.

Q5: Can this calculator be used for pre-judgment interest?
A: No, pre-judgment interest has different rules and calculations in NSW.