Determination - 26 September 2014

Key issues: Credit Mortgage lender | Unjust contract | Vulnerable consumer | No benefit obtained from transaction
Summary of Determination

  1. I find that the consumer’s complaint against the FSP has been made out; in particular:
    1. the loan contracts that the consumer entered into with the FSP are credit contracts to which the National Credit Code (Credit Code) applies; and
    2. the  loan  contract  for  the  amount  of  $231,000  is  unjust  within  the meaning of the Credit Code.
  2. In order to remedy the injustice caused to the consumer as a result of entering into the loan contract, I order the FSP  to:
    1.  release the consumer from any and all liability arising from or in connection to the lease; and
    2. provide the consumer with, or cause to be registered, a discharge of the FSP’s mortgage registered over the consumer’s home.

Follow this link for a full copy in PDF >> Determination | 26 September 2014