Commonwealth Bank of Australia v Munro & anor [2011] NSWSC 128

Supreme Court New South Wales

Medium Neutral Citation: Commonwealth Bank of Australia v Munro & anor [2011] NSWSC 128 Hearing dates: 1 - 3 November 2010 Decision date: 25 February 2011 Jurisdiction: Common Law Before: R A Hulme J Decision: Judgment for the plaintiff. Orders to be settled. Catchwords: CONTRACTS - general contractual principles - discharge, breach and defences to action for breach - non est factum - Contracts Review Act 1980 - unjust contracts - whether contract unjust - unconscionability under Trade Practices Act 1974 and Australian Securities and Investments Commission Act 2001 - relevant considerations - where borrower naive as to financial matters - whether lender had knowledge of borrower's vulnerability to coercion - whether lender failed to adhere to lending guidelines - MORTGAGES - mortgages and charges generally - remedies of the mortgagee - unconscionability - whether prior unjust mortgage relevant as part of relief that may granted in respect of later mortgage Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Competition and Consumer Act 2010 (Cth) Consumer Credit (New South Wales) Code Contracts Review Act 1980 Financial Transaction Reports Act 1988 (Cth) Real Property Act 1900 Trade Practices Act 1974 (Cth) Trade Practices Amendment (Australian Consumer Law) Act (No.2) 2010 (Cth) Uniform Civil Procedure Rules 2005 Cases Cited: Agricultural & Rural Finance Pty Limited & Anor v John Edward Atkinson & Ors [2010] NSWSC 425 Aon Risk Services Australia Limited v Australian National University [2009] HCA; 239 CLR 175 Bakarich & Ors v Commonwealth Bank of Australia [2007] NSWCA 169; Aust Contract Reports 90-264 Bank of Western Australia Ltd v Tannous [2010] NSWSC 1319 Commonwealth Bank of Australia v Munro and Anor [2010] NSWSC 1066 Elkofairi v Permanent Trustee Co Ltd [2002] NSWCA 413; (2003) Aust Contract Reports 90-157 Ford by his Tutor Beatrice Ann Watkinson v Perpetual Trustees Victoria Limited [2009] NSWCA 186; 75 NSWLR 42 Jones v Dunkel & Anor [1959] HCA 8; 101 CLR 298 National Australia Bank v Satchithanantham [2009] NSWSC 21 No Fuss Finance Pty Ltd v Miller [2006] NSWSC 630 Pasternacki v Correy [2000] NSWCA 333; (2001) NSW ConvR 55-965 Perpetual Trustee Company Limited v Albert and Rose Khoshaba [2006] NSWCA 41 Petelin v Cullen [1975] HCA 24; 132 CLR 355 Spina v Permanent Custodians Ltd [2009] NSWCA 206 West v AGC (Advances) Ltd (1986) 5 NSWLR 610 Category: Principal judgment Parties: Commonwealth Bank of Australia (Plaintiff) Terance Ronald Munro (First defendant) Loretta Laura Buccoliero (Second defendant) Representation: Counsel: Mr S Aspinall (Plaintiff) Ms S K Hill (Second defendant) Solicitors: Henry Davis York (Plaintiff) Clamenz Corporate Lawyers (Second defendant) File Number(s): 2009/293782