Australia & New Zealand Banking Group Limited v Fink [2015] NSWSC 506

Australia & New Zealand Banking Group Limited v Fink [2015] NSWSC 506

Relief under the Contracts Review Act is unavailable as the loans were entered into for business purposes. ANZ is entitled to all monies outstanding under the Home Loan and Supplementary Loan. Claims for relief under the National Credit Code and for breach of Banking Code fail as the credit was not provided for personal purposes; no breach or damages established.

Jurisdiction
Australia
Judgment Date
05 May 2015
Procedural Posture
Principal Judgment / Final Judgment After Trial; Cross Claim Determined
Outcome
Judgment for plaintiff for $3,389,750.48; cross-claim dismissed; costs awarded to plaintiff.
Legal Topics
['contracts Review Act Relief' 'national Credit Code Application' 'banking Code of Conduct' 'business Loans' 'mortgage Enforcement' 'unjust Contracts']
['contract Law' 'banking Law' 'credit Law'] ['contracts Review Act Relief' 'national Credit Code Application' 'banking Code of Conduct' 'business Loans' 'mortgage Enforcement' 'unjust Contracts']

Case Brief

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Procedural Posture

Principal Judgment / Final Judgment After Trial; Cross Claim Determined

Legal Issues

  1. 1 ['Are the defendants entitled to relief under the Contracts Review Act 1980 (NSW) in respect of the Home Loan and Supplementary Loan?' 'Are defendants entitled to relief under the Contracts Review Act or National Credit Code in respect of the Third Business Loan and Goods and Property Mortgage?' 'Was the Banking Code of Conduct breached and does it give rise to damages?' 'What amount is owing to ANZ under the Home Loan and Supplementary Loan?']

Ratio Decidendi

Relief under the Contracts Review Act is unavailable as the loans were entered into for business purposes. ANZ is entitled to all monies outstanding under the Home Loan and Supplementary Loan. Claims for relief under the National Credit Code and for breach of Banking Code fail as the credit was not provided for personal purposes; no breach or damages established.

Court Disposition

Judgment for plaintiff for $3,389,750.48; cross-claim dismissed; costs awarded to plaintiff.

Orders

  • ['Judgment for the plaintiff against the defendants in the sum of $3,389,750.48.' 'Judgment for the cross-defendant on the amended cross-claim.' "Order the defendants to pay the plaintiff's/ cross-defendant's costs of the proceedings"]