In this case the borrower took out a loan secured against her home which she used to repay an existing mortgage and to purchase a small business. The business failed and she was unable to meet her mortgage repayments. The Lender served a notice of default and after 30 days declared the whole loan payable …
In these proceedings the lender obtained orders possession of the properties by consent on proviso that the orders were stayed for a short while to allow the borrower to refinance. Unable to obtain refinance the borrower then sought to re-neg on the agreement (for judgment) and raise a defence based on the Uniform Consumer Credit …
First Mortgage Managed Investments v Oberlechner [2006] NSWSC 1397 Read More »
The lender is claiming summary judgement for a debt owing under a loan agreement secured by a registered mortgage over the borrowers home. The borrower is seeking to stay these proceedings until a hardship application is heard and also to transfer the matter to the Tribunal. The borrowers defence relies on s80(2) of the Consumer …
In this case the borrowers gave a mortgage over their home at Currans Hill to the lenders. The lenders now seek an order for possession for default. On the evidence it was found the lenders knew the purpose of the loan was to refinance the family home, there was no statement of assets and liabilities, …
This was an application by the defendant to amend the defence and also to have the proceedings dismissed as frivolous or vexatious, or no reasonable cause of action was disclosed, or because the proceedings were an abuse of the process of the court: UCPR 13.4. The defendant was borrower, mortgagor and guarantor of a loan …
First Option Credit Union v Williams [2005] NSWSC 855 Read More »
This case concerned whether agent of a lender in the short term bridging loan market was implicated with sufficient knowledge of a breach of duty by the directors of the borrowing companies to justify setting aside the loan and mortgage under the second limb of Barnes v Addy. Also whether the loan at 72% pa …
The borrowers, a partnership formed by a father and son (“the business”), maintained a business bank account with the bank. During the operation of the bank account, discussions were made between the bank and the business for an overdraft facility to be set up. As security for the overdraft facility, it was agreed that the …
The case concerned a loan taken by a couple to purchase a house. Because the couple did not have any savings, the loan taken covered both the cost of the house and the stamp duty and legal fees associated with its purchase. The lenders required the mother and father of the husband to put up …
