At the end of November 2016, in a good news story for lenders, we reported on a victory in the NSW Court of Appeal where the court held the application of a 2% default interest margin under a loan contract was not a penalty.
A full copy of our article on that decision can be accessed here.
Subsequent to the above article, the unsuccessful customer applied for special leave to the High Court to appeal the NSW Court of Appeal decision (and press for a determination that the default interest rate was a penalty).
If further positive news, the High Court has refused the special leave application, upholding the judgment of the NSW Court of Appeal.
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