Perebo Pty Ltd v Wayville Residential Investments Pty Ltd

Perebo Pty Ltd (Perebo) brought an action against Wayville Residential Investments Pty Ltd (Wayville), seeking various relief orders in relation to a mortgage over certain property. The mortgage was originally granted to Perebo by Wayville as security for a loan provided to Wayville. Wayville subsequently defaulted on the loan, triggering the mortgagee's power of sale. Perebo then proceeded to sell the property and sought to recover the balance owing on the loan, together with costs and interest. The court was required to determine whether the mortgagee was entitled to recover the balance owing on the loan, and if so, what quantum of recovery was appropriate.

The court found that the mortgagee was entitled to recover the balance owing on the loan. It found that the mortgagee was entitled to recover the balance owing on the loan in accordance with the terms of the mortgage contract. The court noted that the mortgage contract provided that the mortgagee was entitled to recover the balance owing on the loan, together with interest and costs. The court found that the mortgagee was entitled to recover the full amount owing on the loan, less the proceeds of the sale of the property. The court also found that the mortgagee was entitled to recover interest and costs in accordance with the terms of the mortgage contract. The court made orders accordingly.