New South Wales Consolidated Acts New South Wales Consolidated ActsDuring the operation of this Part of this Act, interest under the provisions of any mortgage executed before the commencement of this Act, shall not be chargeable or accrue against the mortgagor or the mortgaged property at a rate higher than the rate provided in the mortgage and (in cases where the obligations to pay interest has been reduced by or under the provisions of the Interest Reduction Act 1931 , as amended by a subsequent Act) as so reduced.