Gooley v NSW Rural Assistance Authority

[2020] NSWCA 156

NSW Court of Appeal

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Interrogate

Catchwords

1. Contract
2. › Variation
3. › Whether term of credit facility varied
4. › Whether variation supported by adequate consideration
5. › Where difference in obligations capable of benefiting either party
1. Banking and Finance
2. › Code of Banking Practice
3. › Clause 25.1
4. › Obligation to exercise care and skill of diligent and prudent banker
5. › Credit assessment methods
6. › Whether breach caused loss
7. › Whether loan would not have been made but for breach
1. Banking and Finance
2. › Unconscionable conduct
3. › Australian Securities and Investments Commission Act 2001 (Cth), s 12CB
4. › Whether making of loan constituted asset lending
5. › Whether borrowers in position of disadvantage
1. Banking and Finance
2. › Misleading or deceptive conduct
3. › Australian Securities and Investments Commission Act 2001 (Cth), s 12DA
4. › Whether bank officer misrepresented effect of variation

Quick Take

Practitioners advising on Code of Banking Practice cl 25.1 claims should note that a bank's credit assessment may properly take into account the borrower's capacity to refinance, not just capacity to repay from earnings.