Our security documents are licensed from us by dozens of institutional lenders who issue their own documents in-house. Our security documents consists of two types of mortgage memorandum (simple and sophisticated) which are registered in all states and territories in Australia. Our Security Documents are drafted by Matthew Bransgrove and Marcus Young SC, the co-authors of the Lexis Nexis textbook Essential Guide to Mortgage Law in Australia.
Our mortgage memorandum is used as boilerplate for the Deed of Mortgage, the Deed of Loan, the Deed of Guarantee and the PPSR charge. This ensures perfect consistency and interoperability within the security documents. The results are: thinner security documents, easier comprehension by lawyers advising the borrower and more focus on the variable information and the special conditions.
As our security documents set out all key clauses on the face of the Torrens register it ensures the benefits of indefeasibility accrue to the lender. This means your title is protected against fraud by the Torrens Assurance Fund. We regularly revise our security documents to address the latest developments in case law and statute law.
The new s 12 GBCA of the ASIC Act (that came into force 9 November 2023) penalizes unfair contracts as follows:
- 50,000 penalty units ($13,750,000); and
- if the Court can determine the benefit derived and detriment avoided because of the contravention-that amount multiplied by 3; and
- 10% of the annual turnover or 2.5 million penalty units ($687.5M).
Matthew Bransgrove and Marcus Young SC, provide our clients and licensees with a written certification that the law in relation to unfair contracts is being complied with.
Contact us today to discuss your documentation needs.
