Preheat oven to 170°C.

Grease and line a 9 inch round pan or an 8x8 square baking pan with baking paper.

Using an electric mixer again, cream butter, condensed milk and flour till white and fluffy.

In another bowl, using an electric mixer, whisk sugar and eggs till pale yellow and creamy.

Slowly fold in the egg mixture to the butter+flour batter.

Add in vanilla.

Pour cake into prepared pan and bake for about 50 - 60 minutes or until a skewer inserted into the center comes out clean.

Once done, let it stand in pan for 10-15 minutes and then turn out onto a wire rack to cool.