MAG Financial & Investment Ventures v El-Saafin
Court of Appeal
McLeish, Sifris and Walker JJA
21/12/2022
[2022] VSCA 286
Banking and finance — Loan agreements — Consumer credit — Application of consumer credit protection legislation to certain loan agreements — Natural person borrowers — Where borrowers ‘on-lent’ to company undertaking residential development — Whether loan agreement constituted credit provided to ‘purchase, renovate or improve residential property for investment purposes’ within the meaning of the National Credit Code — Whether loan agreement consequently a ‘credit contract’ within the meaning of the Consumer Credit (Victoria) Act 1995 (Vic) and unenforceable — National Consumer Credit Protection Act 2009 (Cth), sch 1 — National Credit Code, s 5(1)(b)(ii) — Consumer Credit (Victoria) Act 1995 (Vic), ss 39, 40
Mortgage — Tender to discharge indebtedness — Whether sufficient funds available to discharge mortgage
Read the judgment here.