No Fuss Finance v Miller [2006] NSWSC 630

A short term bridging loan was made to a property developer secured by a mortgage provided by his cleaning lady over her house. The independent legal advice she received was arranged for her at the lender’s office and the lender assured her the property developer would pay back the loan because a company associated with the lender was arranging the take-out finance.

Various factors, including specific to the circumstances surrounding the loan led the court to conclude the loan was unjust under the circumstances and it was set aside with the lender losing all of its principal.

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