ARTICLE · 13 APRIL 2021

Second Tier Lenders and beyond – what you need to know

Gavin Parsons

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Lenders in the unregulated credit market are not immune from typical consumer credit type claims.

AustraliaFinance and Banking

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Jams 2 Pty Ltd & Ors v Stubbings (No 3) [2019] VSC 150 (14 March 2019) and Jams 2 Pty Ltd v Stubbings [2020] VSCA 200 (5 August 2020)

Lenders in the unregulated credit market are not immune from typical consumer credit type claims, including but not limited to statutory unconscionable conduct.

This article provides a summary of the cases referred to in the heading above and the lessons learned therefrom. Accountants, Financial Advisors, Lenders and Borrowers should take note.

Background

A borrower, Mr Stubbings, found a property in Fingal on the Mornington Peninsula. He attempted to procure a loan from a financial institution. However, his application for finance from that first tier lender was declined.

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