Matthew Bransgrove

AFG/Connective Merger

Bransgroves Lawyers has filed a submission with the ACCC opposing the merger between the two largest aggregators. The reason for our objection is we perceive illegal cartel behaviour operating within the mortgage aggregation industry and submit that the merger of the two largest operators to create one aggregator, which represents more than half of all …

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Shadow Broker discipline system illegal

Bransgroves Lawyers has obtained senior counsel’s advice to the effect that the shadow discipline system utilised by the aggregators is potentially a criminally illegal cartel. If a broker wishes to change aggregators the broker requires a letter from its existing aggregator that includes the expression no adverse conduct. This is referred to in the industry …

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Golden J Wealth Pty Ltd v AC Holdings Co Pty Ltd [2019] NSWSC 1342

The lender advanced $7.21M to the borrower to assist with the purchase of two unrelated properties. Two months after the loan settled, a third party obtained freezing orders against both properties. The lender formed the opinion that the borrower had suffered a material degradation in its ability to comply with the terms of the mortgage. …

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Ciavarella v Hargraves Secured Investments [2015] NSWSC 865

The borrower sought a last minute injunction to restrain the mortgagee exercising its power of sale by auction. The court refused for the following reasons: The unexplained delay; The lack of evidence as to any refinance; The fact the borrowers had already breached a previous settlement agreement reached at a farm debt mediation by refusing …

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The Hollywood Blacklist

On 4 June 2019 Matthew Bransgrove wrote an open letter to the Chief Executive Officer of the MFAA decrying the denial by aggregators of the existence of the Broker blacklist in the Australian Broker magazine. Click here to read the letter. On 21 May 2019 Matthew Bransgrove wrote an open letter to Australian Aggregators deploring …

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Home Loan Experts v Nassif Isaac [2017] NSWSC 1077

Mortgage originators / brokerage companies can rest assured that their client lists can be safeguarded through restraint of trade clauses after the decision in Dargan Financial Pty Ltd ATF the Dargan Financial Discretionary Trust (trading under “Home Loan Experts”) v Nassif Isaac(1). They must, however, make provision for who owns the client information in their agreement, …

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When are your clients, your clients?

The Court recently determined that borrowers are mutually clients of the funder, the brokerage company and the sub-broker because of the ongoing relationship and the commission split. All information is therefore gathered for the mutual interests of those parties. It is therefore imperative that your agreement with your brokers clearly sets out who owns the …

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Simic v New South Wales Land and Housing Corporation [2016] HCA 47

The New South Wales Land and Housing Corporation entered into a contract with Nebax Constructions Australia P/L for the demolition of existing buildings and the construction of unit blocks in Bomaderry. A special condition of the Contract required Nebax to provide two performance bonds. Nebax approached ANZ to issue the performance bonds but erroneously named …

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Court rules on “vague and amorphous concepts” in the Code of Banking Practice

The NSW Supreme Court decision in Marsden v DCL Developments Pty Ltd (No. 3) [2016] NSWSC 1795 ruled on the meaning of clause 28.2 of the Code which provides: “With your agreement and cooperation, we will try to help you overcome your financial difficulties with any credit facility you have with us”. The bank had …

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Code of Banking Practice: Recent Milestone win for Lenders

There has been much debate and case law about the enforceability of the Code of Banking Practice. In the past, a strict approach has been taken against lenders who have engaged in conduct which is considered to be a breach of the Code. However, the recent Victorian Supreme Court decision of Commonwealth Bank of Australia v …

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