In this case the Lender advanced $3 million dollars in June 2006 and when it sought to enforce the mortgage in October 2008 it was only awarded $3 million, despite the borrower paying not a penny of interest. Thus the lender received a 0% return on its money over a three year (by the time the property is sold) period.
The reason given by Her Honour for disentitling the lender from recovering any interest was it had behaved unconscionably in refusing to assist the borrower to obtain rural financial assistance from the government when it had promised to. The lender had not supplied the assistance because upon reading the pro forma certificate determined that to do so would have been misleading the Commonwealth. This was a victory for the poor benighted farmer but not such a good return for the lender. Needless to say the lender will not be lending in NSW again. No doubt somewhere in NSW several farmers will be forced off the land being unable to refinance due to there being one less lender.