Broker Liability

Interstar Wholesale Finance v Integral Home Loans [2008] NSWCA 310

In this case the wholesaler (Interstar) terminated its agreement with the originator (Integral). The originator fee payable under the agreement constituted both the commission and management fees. The agreement did not distinguish between the two, but did provide that if the agreement was terminated the originator would still be entitled to the trail less the …

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Crown & Gleeson Business Finance v Walster [2008] NSWSC 865

In this case Bransgroves acted for the Plaintiff lender and obtained judgement by consent for $575,000 against a third party mortgagor, Mr Walster. The mortgagor then pursued his cross-claim against the broker and obtained judgement for $575,000 for breach of s42 of the Fair Trading Act – misleading and deceptive conduct. The broker submitted that …

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Baker v Gurtner [2007] NSWCA 63

In this case the lender made a four month loan of $60k (retaining $2k pre-paid interest) to the borrower believing he was going to get a unregistered mortgage over the borrowers property at Yagoona. The lender sued the broker on the grounds he did not obtain a unregistered mortgage and the borrower was bankrupt. The …

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Superior Diamond Products v Camilleri [2006] NSWSC 1169

In this case the lender made three separate loans to two borrowers on second, third and fourth ranking mortgages. The value of the land was grossly misrepresented and the lender was able to recover nothing from the land. These proceedings were brought against the two borrowers in debt and the broker in deceit. All three …

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Steele-Smith v Liberty Financial [2005] NSWSC 398

The plaintiffs borrowed money from the second defendant, Liberty Funding (“LF”), secured over their land by mortgage. The plaintiffs claimed that the loan agreements and the mortgages were procured by fraud or unconscionable conduct or other wrongdoing and should be set aside.  The thrust of the Plaintiffs’ complaint was directed to alleged misconduct on the …

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Mango Media v Bassal [2004] NSWSC 1253

This was an application to extend a caveat until further order and a declaration that the plaintiff had an equitable interest in the form of a charge over the land.The plaintiff Mango Media was a financier. The defendants Bassal were people who wanted to borrow money. The defendants approached a mortgage broker, Rook & Associates, …

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