A company and its owners have been ordered to pay a civil penalty of $124,417 for breaches of the Consumer Credit (Victoria) Code, relating to 46 vendor terms contracts for home finance.
On 20 July, the Victorian Civil and Administrative Tribunal ruled that Geoffrey Vincent Keogh, Veronica Keogh and their company, Geeveekay Pty Ltd, had breached the Consumer Credit (Victoria) Code’s requirements about interest rate disclosure, charging unauthorised fees, and other required information relating to vendor terms contracts with consumers.
The contracts were promoted as a way of providing the means for people who could not obtain traditional finance to buy a home.
The Keoghs and their company also agreed to pay related legal costs of $105,000 to Consumer Affairs Victoria and made refunds of various fees to consumers, amounting to $46,815.