Recommendation | 18 May 2016
- Home loan
- Lender - mortgage
- Inappropriate finance
- Excessive interest
Summary of our review
- We could not deal with issues 1 to 3. This is because the Court had already entered judgment and we do not have the power to overturn a Court’s judgment, and
- In relation to issue 4, we found that in the circumstances the FSP was required to apply the court prescribed interest rate. We recommended that the FSP reverse all additional interest that had been charged.
The FSP accepted the recommendation. The FSP agreed to apply interest to the judgment debt at an interest rate lower than the court prescribed interest rate.
Follow this link for a full copy in PDF ► Recommendation | 18 May 2016