Lawteal v McClymont [2009] NSWSC 637

A couple were turned down for refinance of their home loan because they were already facing eviction from their existing lender. They obtained a loan by falsely completing a Consumer Credit Code Declaration claiming the loan was solely for business purposes. When they went into default and the new lender sought possession, the couple filed a defence claiming it was a code regulated loan.

The Judge noted their false declaration, and that there was no suggestion that the lender was aware of the fraud, and so rejected the defence.

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