Banks charged mortgage holders $55m in extra interest after offset account errors, Asic finds

Australian banks ‘not getting the basics right’, regulator says after review of more than 200,000 home loans Get our breaking news email, free app or daily news podcast Asic has accused banks of “not getting the basics right”, after the regulator found faulty mortgage offset…

The corporate regulator found Australian banks paid more than $55 million in compensation in just two years, for failures with mortgage offset accounts, warning customers could be paying more interest than they should.

Tens of thousands of homeowners have unwittingly spent too much on their mortgage after some of the country’s biggest banks failed to properly link their offset accounts.