Determination - 8 December 2014
Key issues: Credit | Mortgage lender | Contract not unjust | Consumers able to protect their own interest | Compliance with lending guidelines | Deferred establishment fee not unlawful
Summary of Determination
- I find that the consumers’ complaint against the FSP has not been made out; in particular:
- the loan agreement the consumers entered into with the FSP was not an unjust contract; and
- the Deferred Establishment Fee (DEF) charged by the FSP was adequately disclosed, correctly calculated and was not otherwise unconscionable or in breach of the law.