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Take great care to include guarantors when carrying out a loan variation

The New South Wales Court of Appeal held in Adisan Pty Ltd v Irwin [2015] NSWCA 217 that a lender may be found to have engaged in misleading and deceptive conduct if they fail to inform all guarantors of any variation to the terms of the loan. It was also held that a failure to inform all guarantors …

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Broker Banned

ASIC has permanently banned a Melbourne broker and cancelled his credit licence on the basis of ASIC’s findings of recklessness on the part of the broker in submitting false or misleading documents in support of loan applications and failing to ensure its company complied with its Australian credit licence conditions and carried out its general …

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ARNECC announces Version 3 of Model Participation Rules

The Australian Registrars’ National Electronic Conveyancing Council (ARNECC) recently announced Version 3 of the Model Participation Rules. This latest version applies to all electronic transactions, covers all jurisdictions and applies to paper dealings in NSW, VIC, QLD, WA and SA. This new version is expected to be in effect from the second week of November …

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Digital disclosure: revised Regulatory Guide 221

On 28 July 2015 ASIC, in a welcomed move, released revised Regulatory Guide 221, Facilitating digital financial services disclosure(RG 221). RG 221 contains guidance to further facilitate disclosure through digital channels, and aims to encourage innovative communication of information about financial products and services. Prior to the release of RG 221, specific consent from members was …

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The Adviser and Mortgage Business plug Avoiding Mortgage Fraud

Two industry magazines, The Adviser and Mortgage Business, today quoted Matthew Bransgrove and pitched his book Avoiding Mortgage Fraud in Australia. Described as “a detailed go-to guide for uncovering the tactics and strategies of fraudsters in the mortgage space”, the book was also commended as being extremely useful to brokers by Mark Haron, director of Connective. Matthew Bransgrove will …

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Connective appoints Matthew Bransgrove to lecture for their 2015 Professional Development program

Connective entered the mortgage broking industry in 2003. Since then, they have been acknowledged as leaders in the mortgage broking industry, recognised as the MFAA Wholesale Aggregator of the Year 2014 and the Australian Broking Awards Aggregator of the Year 2013. They have also been recognised as a great business by winning the 2013 Tesltra …

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Avoiding Mortgage Fraud hits the shelves

Matthew Bransgrove, senior partner at Bransgroves Lawyers, is an esteemed and respected legal author. His latest ground breaking title Avoiding Mortgage Fraud in Australia hit the shelves in June 2015, with a record number of 1,600 copies having already been sold to date. A practical guide to avoiding mortgage fraud, this book provides a comprehensive overview of …

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Unjust contract legislation extended to small business

The Australian government has decided to extend the operation of unjust contract term protections to small business. An unfair contract term is defined under s 24 of the Competition and Consumer Act 2010 (Cth) (the Australian Consumer Law), as a term which: “Would cause a significant imbalance in the parties’ rights and obligations arising under the contract; …

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Solicitors running mortgage funds

In March 2015, Matthew Bransgrove wrote to the Commissioner for Legal Services Regulation to find out whether or not practising solicitors would be able to serve as officers of mortgage funds under the new Uniform Legal Services Regulation. In June 2015, a reply was received. In summary, it seems, for the moment anyway, that solicitors …

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ASIC Report 410: Review of low doc lending risks

ASIC has released its Report 410 which investigated whether credit licensees are meeting their lending obligations under the National Credit Act (the Act), particularly when it comes to low doc loans.  Credit licensees have a legal duty, when assessing a borrower’s suitability for a home loan, to make reasonable inquiries into the individual borrower’s financial …

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