Penalties

Neale v Bank of Western Australia [2014] NSWSC 315

The bank sought possession and a monetary judgment for $31m. The borrower admitted the debt but claimed that the bank represented to him that it would ‘lend to him forever’ and that his financial problems were as a result of the bank withholding development funds it had promised. The court was not satisfied that the …

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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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Sun North Investments v Dale [2013] QSC 44

A property developer found himself in dire financial straits. He approached a lender who loaned him the money in return for a fixed charge over shares and granted an option to buy the developer’s shares in the development company as security for the loan. The borrower defaulted and the lender exercised the option. The loan …

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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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Andrews v ANZ [2011] FCA 388

This is the first of the interlocutory skirmishes in the much awaited class action by  customers of the ANZ bank. The customers seek repayment of a variety of fees for unauthorised overdrafts, overdrawn accounts, dishonour fees and over limit credit card accounts (“Exception Fees”). The fees are charged pursuant to contracts between the customers and …

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