Material prejudice under s 214(4)(b) of the BCCMA means being disadvantaged substantially or to an important extent, assessed objectively in accordance with community standards but having regard to the buyer's personal circumstances. The test in Flight v Booth, previously applied under the Building Units and Group Titles Act 1980, does not govern the statutory remedy under s 214. A buyer has no obligation to make inquiries to resolve inaccuracies in a further disclosure statement before exercising the right to cancel, and the seller's only remedy is to issue a correcting further statement before the buyer cancels. Once a further statement is given, the disclosure statement cannot be looked at in isolation — the further statement becomes the warranted information.
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