Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Borrower in court after declaring variable rate rises 'unlawful'

Staff Reporter 1 minute read

A dentist in the Sydney suburb of North Rocks is facing charges for public mischief after refusing to make mortgage repayments on grounds his variable interest rate was unlawful.

The dentist had his property repossessed in September last year when he decided not to make repayments after his commitments rose from $2600 to around $4000 per month, The Daily Telegraph reported yesterday.

Mr Wilson argued that according to the Magna Carter – the English legal charter dating back to 1215 – variable interest rates could not be legally binding because all contracts must provide “certainty”, which variable interest rates did not.

Unfortunately for Mr Wilson his bank didn’t agree with his reasoning and repossessed the property – which Mr Wilson then reported as stolen. He has since been charged with public mischief and trespassing and will face court on May 20.

COMMENT HERE

Advertisement
Advertisement
Borrower in court after declaring variable rate rises 'unlawful'
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
mortgage choice 850 Major brokerage appoints new GM of distribution

Mortgage Choice has announced that Citi’s former head of bankin...

ANZ new still ta ANZ extends business loan terms

The major bank has announced that it will extend the maximum loan...

cash money rolls Credit growth stunted by dive in business lending

Credit growth has waned as a result of a sharp drop-off in busine...

FROM THE WEB