Commonwealth Bank of Australia v Coppola [2013] NSWSC 1391

The lender obtained judgment for possession and the borrowers obtained stays of the writ on three or four occasions, all in the hope that refinance would be available. Conditions imposed on those previous stays were not met and a further stay was sought.

The court was not satisfied there was adequate evidence to justify any further stay because the cheque provided to the bank had bounced, it was not clear whether a loan approved much earlier was still valid and there was no evidence that any of the caveators had agreed to lift their caveats. The court noted that the borrowers had been given more than sufficient opportunity to refinance and have not yet managed to achieve it.

The court found that the better course for all parties was that the matter now be brought to finality to reduce the ever increasing amount of interest accruing on the loans. The application for a further stay was refused and the court ordered execution forthwith.

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