Letters of Offer

De van der Schueren v Perpetual Trustee [2012] VSCA 86

The borrower sought to set aside default judgment. The defence she wished to raise was that the loan agreement had not been signed by the lender and that, accordingly, there was no contract. The Court of Appeal was scathing: It is indisputable that the applicant signed the loan document which reads as an offer to …

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Oakland Property Holdings v Allfinance Funding [2012] NSWSC 335

Allco Managed Investments took a mortgage and a fixed and floating charge. The mortgaged property was sold for a shortfall so the lender then moved against five other properties owned by the borrower. The borrower argued that the fixed and floating charge was so drafted that it was limited to the mortgaged property. The letter …

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Bahadori v Permanent Mortgages [2008] NSWCA 150

In this case the Court of Appeal considered whether a declaration pursuant to s 11(2) of the Consumer Credit Code was effective where it was executed several days before the mortgage documents but several days after the execution of a non-binding ‘indicative letter of offer’. Section 11 of the Code sets out a number of …

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Lawteal Seconds v Warrimoo Property [2007] NSWSC 1124

In this case the borrower received a letter of offer to refinance from a company associated with the lender’s solicitor. The borrower argued that proceeding with the eviction would amount to a breach of the promise. However the court ruled that the lender has not issued the letter of offer and could not be bound …

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Bahadori v Permanent Mortgages [2007] NSWSC 79

In 2002 the borrower borrowed from the lender secured by mortgages over land. Included in the security documents executed by the borrower was a business purpose declaration signed by the borrower. The borrower brought proceedings in the Consumer Tenancy Tribunal seeking relief under the Consumer Credit Code. The borrower argued that the letter of offer …

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Gippsreal v Boyle [2006] NSWSC 601

In this case the borrower had paid an application fee and signed the lenders letter of offer. The lender then incurred costs instructing agents (valuers, solicitors and surveyors) and inspecting the property. The lender withdrew the offer when it came to their attention the sale was by the mortgagee in possession. The lender put a …

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