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ARTICLE · 26 AUGUST 2010

When Does the Contracts Review Act Apply? It is Broader than you think

Cooper Grace Ward
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Lenders in New South Wales breathed a sigh of relief earlier this month when the Supreme Court ruled in Bank of Western Australia Ltd v. Primanzon [2010] NSWSC 862 that two part-time commercial property investors could not claim relief under the Contracts Review Act 1980 (NSW) because the loans advanced to them were entered into in the course of a trade, business or profession carried on by them.

AustraliaStrategy
Graham Roberts
Graham Roberts
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Lenders in New South Wales breathed a sigh of relief earlier this month when the Supreme Court ruled in Bank of Western Australia Ltd v. Primanzon [2010] NSWSC 862 that two part-time commercial property investors could not claim relief under the Contracts Review Act 1980 (NSW) because the loans advanced to them were entered into in the course of a trade, business or profession carried on by them.

The decision marks an important line in the sand for borrowers' rights to relief under the Contracts Review Act. However, lenders still need to be aware of the pitfalls of lending to part-time investors.

Lend money for investment purposes

Lenders may be tempted to treat loans which are for investment purposes as unregulated because the provisions of the National Credit Code do not apply. However it is important to remember that, in some cases, the Contracts Review Act will continue to operate.

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