AFL legends

AFL legends could both lose their family homes as they battle in court

PHOTO: AFL FILE

  • Blues champions are in court battle with two mortgage providers over loans 
  • Court documents show they were charged interest rate as high as 60 per cent 
  • Pair’s counter claim alleges the lenders conspired to cause them financial harm 
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They won premierships together at Carlton – and now Blues legends Stephen Kernahan are in danger of losing their family homes together as they battle mortgage providers in court over a $4.5million debt.

The pair borrowed $4.12 million from Oak Capital and First Mortgage Capital in 2019 and now the companies are demanding the pair hand over their homes in the Melbourne suburbs of Essendon and Eaglemont for failing to repay the loan, Supreme Court documents reveal.

The two mortgage providers are seeking $4.5million in total once interest and legal costs are factored in, and the ex-players also owe their former teammate Fraser Brown $1.5million, the Herald Sun reported.

Kernahan and Bradley’s counter claim alleges Oak and First Mortgage ‘conspired to cause financial harm’ to the pair and their business partners by ‘imposing a lending regime which was bound to cause the borrower to fail’.

Stephen Kernahan (pictured) and wife Jennifer stand to lose their Essendon home if the mortgage providers win their case in court

Stephen Kernahan (pictured) and wife Jennifer stand to lose their Essendon home if the mortgage providers win their case in court

One of the mortgage providers is demanding Craig Bradley and his wife sign over their home in Eaglemont after they failed to repay a debt of $765,000

One of the mortgage providers is demanding Craig Bradley and his wife sign over their home in Eaglemont after they failed to repay a debt of $765,000

Court documents show the interest rate on the First Mortgage Capital loan rose to 60 per cent, while Oak Capital charged a maximum of 18 per cent.

Kernahan and his wife Jennifer, and Bradley and his wife Donna provided the family homes as security to personally guarantee the loans, which were made to MW Assets Pty Ltd – a legal entity for the Waratah Group printing business part-owned by the Carlton greats.

Ex-Port Adelaide star Brett Chalmers is among the business partners who also put their properties up as security for the loans.

Kernahan and Bradley borrowed the $1.5million from Brown’s BPG construction firm in 2018 and provided their family homes as security to the company in 2021, court documents reveal.

Kernahan and Bradley owe a company owned by their former teammate Fraser Brown (pictured) $1.5million and provided their homes as security to the business to get the loan, court documents reveal

Kernahan and Bradley owe a company owned by their former teammate Fraser Brown (pictured) $1.5million and provided their homes as security to the business to get the loan, court documents reveal 

FMC wants the Kernahans to hand over their Essendon house for failing to pay just over $764,000, while also demanding Donna Bradley sign over the Eaglemont property due to an outstanding debt of $765,000.

Bradley and Kernahan are being represented by commercial litigator John Sinisgalli.

‘The Kernahans and the Bradleys are very disappointed by the lending practices and conduct of Oak Capital and FMC,’ Sinisgalli told the publication.

‘They will be defending their position as alleged guarantors of these loans fully and without hesitation. A strong stand has to be taken against these lending practices.’

Bradley is an all-time Carlton great, and still holds the record for most games played for the club with 375 appearances

Bradley is an all-time Carlton great, and still holds the record for most games played for the club with 375 appearances

Kernahan - seen here competing against fellow AFL legend, the late Jim Stynes - was named captain of the Carlton Team of the Century

Kernahan – seen here competing against fellow AFL legend, the late Jim Stynes – was named captain of the Carlton Team of the Century

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