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Background

2. On or about 15 December 2020, Mr Woods completed an online application with Plenti seeking financial assistance. On or about 24 February 2021, Perpetual agreed to advance the sum of $123,151.35 to Mr Woods pursuant to the terms of a loan agreement. Those funds were advanced to Mr Woods on or about 1 March 2021.

3. As security for the amounts advanced to Mr Woods pursuant to the loan agreement, he agreed to provide a registered mortgage over the property known as XX Mount Hercules Road, Razorback. Mr Woods executed a National Mortgage over that property. The mortgage was never registered. On 11 March 2021, Perpetual lodged a caveat on the title to the property.

4. On 23 June 2022, Mr Woods made a further application for financial assistance, seeking an increase in the loan amount previously advanced under the loan agreement. In accordance with that request, the loan amount was increased by $110,000: the first variation.

5. On 28 February 2023, Mr Woods made a further application for financial assistance, seeking an increase in the amounts previously advanced under the loan agreement and the first variation: the second loan agreement.

6. The total amount advanced to Mr Woods by the time of the execution of the second loan agreement was $258,499.01.

7. At the date of the advances, Mr Woods was the sole registered proprietor of the property. Mr Woods has lodged a caveat on title to the property. A caveat was also lodged in favour of Walter John Mclean.

8. It was a term of the agreements that Mr Woods would give a mortgage in favour of Perpetual as security. Mr Woods executed a National Mortgage over the property.

9. Pursuant to the second loan agreement, Mr Woods confirmed his agreement to the registration of the mortgage and agreed to provide all necessary assistance to procure the consent of all other interest holders to its registration. The mortgage incorporated the memorandum of common provision AS538245.

10. The mortgage was not registered.

11. On or about 11 March 2021, Perpetual lodged a caveat on the title to the property with respect to the signed mortgage given by Mr Woods to Perpetual under the second loan agreement. The caveat supports the estate or interest of Perpetual as an equitable mortgagee.

12. In the events that occurred from 1 March 2021, pursuant to the loan agreement, the first variation and the second loan agreement respectively, Plenti advanced the agreed amounts of $123,151.35, $255,107.10 and $258,499.01 to Mr Woods by way of an account styled in Mr Woods’ name.

13. The amount owing to Perpetual as at 3 February 2026 was $257,653.69. That amount excludes Perpetual’s costs, which were approximately $2,607.10 and which have continued to accrue.

14. It was a term of the second loan agreement that upon expiry of the loan term, Mr Woods must repay the loan in full. The loan term expired on 8 August 2024. Mr Woods has been in default of the loan since 9 August 2024 where the full loan balance was not repaid at the end of the loan term.

15. Pursuant to and in accordance with the terms of the agreement and the mortgage, Mr Woods would be in default if he did not pay on time any amount due, including interest, fees and charges as and when they fell due.

16. By notice to Mr Woods dated 12 September 2024, Plenti on behalf of Perpetual made demand on Mr Woods pursuant to the second loan agreement to remedy the default, by payment of the total amount owing in the sum of $257,653.69 by no later than 19 October 2024 (first default notice). The first default notice was issued to Mr Woods’ last known residential address of XX Mount Hercules Road, Razorback.

17. The amount owing and due referred to in the first default notice was not repaid by 19 October 2024.

18. By notice to Mr Woods dated 3 April 2025, Plenti on behalf of Perpetual made a further demand pursuant to the second loan agreement and caveat to remedy the default, by payment of the total amount owing in the sum of $257,653.69 by no later than 12 May 2025 (second default notice), failing which the whole of the unpaid balance due under the second loan agreement would remain due and payable and Perpetual became entitled to commence proceedings and secure possession of the property.

19. The second default notice was issued to Mr Woods’ last known residential address of XX Mount Hercules Road, Razorback. The amount owing and due referred to in the second default notice was not repaid by 12 May 2025.

20. Mr Woods has not delivered possession of the property to Perpetual and has not paid the total amount owing.

21. These proceedings were commenced by statement of claim filed on 14 August 2025. Mr Woods has not filed a defence or taken any active step in the proceedings. As at 29 January 2026, Mr Woods remained indebted to Perpetual in the sum of $260,254.86.

The present application

22. By its notice of motion filed on 4 February 2026, Perpetual now seeks the following orders or relief:

23. Judgment in the sum of $260,254.86.

24. Interest on the amount of $260,254.86 pursuant to s 100 of the Civil Procedure Act from 13 August 2025 to the date of judgment.

25. An order pursuant to s 101 of the Civil Procedure Act that post judgment interest run on the judgment amount at the prescribed rate.

26. A declaration that the plaintiff has an equitable mortgage over the property known as and situated at XX Mount Hercules Road, Razorback, New South Wales being the whole of the land comprised in Certificate of Title Folio Identifier XX/XX.

27. An order that the defendant deliver up possession of the property within 14 days of making this order.

28. In alternative to order 5, an order for judicial sale of the property with the plaintiff to be appointed as the Court’s agent to effect the sale and to transfer the property to the purchaser(s) upon such sale.

29. As an aid to enforcement of order 6:

(a) an order that the defendant provide the plaintiff with vacant possession of the property to the exclusion of any party within 14 days of the making of this order; and (b) an order that the plaintiff have leave to issue a writ of possession forthwith, to lie in the registry for a period of 14 days from the making of this order.

8. An order that the matter to be listed before the Court for the purposes of the Court making directions as to the minimum reserve price for any auction and minimum sale price for any sale by private treaty, or any other order that the Court deems fit.
9. An order that the plaintiff pay the proceeds of sale of the property in the following order and priority:

(a) first, in payment of the plaintiff’s costs and expenses relating to the sale of the property; (b) second, as to any remaining proceeds of the sale of the property in accordance with order 9(a), the whole of the amount due to the plaintiff secured by the plaintiff’s equitable mortgage; and (c) third, any surplus from the sale of the property to be paid into Court.

10. An order that the plaintiff act in relation to the sale of the property in the manner of a mortgagee exercising its power of sale with the duties as such.

11. An order that the plaintiff be empowered to transfer the legal title of the property to the purchaser(s).

12. An order that the defendant pay the plaintiff’s costs of these proceedings.

13. Such further or other orders as the Court deems fit.

14. In support of the notice of motion, Perpetual relies on the following affidavits:

(a) Ben Milsom affirmed 4 February 2026. (b) Imad Zaineddine affirmed 16 March 2026. (c) Pip Ashleigh Nagam sworn 14 October 2025, 21 April 2026, 29 April 2026 and 5 May 2026 (2).

Disposition

24. In accordance with the matters deposed to in these affidavits, I am satisfied that:

25. Mr Woods was served with a copy of the statement of claim commencing these proceedings by leaving that document at XX Mount Hercules Road, Razorback on 25 September 2025.

26. Mr Woods is indebted to Perpetual in the amount of $260,254.86 together with interest on that amount at the prescribed rate since 29 January 2026.

27. Mr Woods was served on 12 March 2026 with Perpetual’s notice of motion filed 4 February 2026 and the affidavit of Ben Milsom affirmed on 4 February 2026.

28. Mr Woods has no defence to Perpetual’s claim or any part of the claim.

29. Perpetual is entitled to judgment for the amount claimed and judgment for possession of the property known as and situated at XX Mount Hercules Road, Razorback.

30. In addition to the orders that I propose, I will direct Perpetual to bring in short minutes with the up-to-date calculations of the judgment sum and accrued interest.

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