Interest

KBL Mining v Kidman Resources [2015] NSWSC 515

An entity that owned a mine obtained funding through notes issued by it and gave security over its mine. The lender assigned its rights to the mine’s competitor and the new lender alleged default. This was challenged by the borrower along with its liability to pay interest. The borrower argued that the redemption of its …

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ANZ v Fink [2015] NSWSC 506

This case involved a businessman’s dream home that went pear-shaped due to cost overruns. When the bank sought possession the borrower sought to blame the bank. Improvidence / Non-English speaking The borrower argued the bank should never have made the loan as it was improvident and they were vulnerable people:  There was no reason for …

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Brice v Chambers [2014] QCA 310

In this case, there was a dispute about whether a loan agreement provided for simple interest or compound interest. The court held that because there was no reference to rests or capitalisation, and because there was a default rate, simple interest must have been intended. Click here to read full judgment.

Australian Executor Trustees v Prodap Services [2014] QCA 142

This case concerned a loan secured by mortgages and a guarantee which went into default. The borrower argued that the loan provision, which permitted interest rate changes by the lender without the borrower’s consent was void. The lender sought summary judgment. The lender argued that a term could be implied that interest rates were to be fair …

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Westpac Banking Corporation v Lomas [2014] QSC 117

The bank sought summary judgment which was opposed by the borrower on the basis that the default interest provision in the loan was void because it permitted the bank to select any interest rate that it pleased. The court rejected this and found that the default rate was ascertainable from nominated advertisements in the newspaper …

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GE Mortgage Solutions v Whild [2013] VSC 503

The borrower defaulted as a result of the lender failing to upload new account details onto its computer system. The lender took possession and sold one of the mortgaged properties to a third party. The borrower brought an application before the tribunal claiming that the default notice was defective because at the time of issue, …

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Kellas-Sharpe v PSAL Limited [2012] QCA 94

The borrower sought a stay eviction citing arguing that a stay should be granted because they have an appeal with arguable prospects, success in which will be rendered nugatory without a stay. The borrower proposed to appeal on the grounds that the following clause was a penalty: The standard rate of 7.50 per cent per …

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Summer Hill Business Estate v Equititrust [2011] NSWCA 149

This was an appeal by a borrower to the Court of Appeal from the decision of the trial judge. Equititrust, entered into five loan facilities with related Borrowers for amounts totaling $20 million. The amounts were all repaid, but not until after the due date. The Borrowers brought proceedings contend the amount of interest that …

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