CONTRACTS — unjust contracts — Contracts Review Act 1980 (NSW) — company obtains refinance — company director and wife provide guarantee and mortgage over family home — couple of financial substance and business experience but limited English — lender fixes completion date before Christmas — existing loan yet to expire, with no discount for early repayment — borrower’s solicitor says clients need interpreter — lender regards as delaying tactic — lender declines to provide loan if borrower’s solicitor continues to act — new solicitor engaged to meet deadline — borrowers advised without interpreter — whether contract for purpose of a trade, business or profession, s 6(2), at [25] — principles at [27]-[36] — material inequality in bargaining power — no negotiation — not reasonably practical to negotiate given change of solicitors required by the lender — unfair tactics — default interest provisions declared void to extent payable after default remedied — Intensive Loan Management Fee declared void.
Case Details
Citation[2023] NSWSC 493
CourtNSWSC
JurisdictionNew South Wales
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