{"id":19976,"date":"2019-07-09T12:40:08","date_gmt":"2019-07-09T00:40:08","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=19976"},"modified":"2019-07-09T12:40:08","modified_gmt":"2019-07-09T00:40:08","slug":"westpac-to-refund-around-40000-home-loan-customers-after-major-glitch","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/westpac-to-refund-around-40000-home-loan-customers-after-major-glitch\/","title":{"rendered":"Westpac to refund around 40,000 home loan customers after major glitch"},"content":{"rendered":"

 <\/p>\n

PHOTO: Westpac<\/strong><\/p>\n

Westpac is set to pay back tens of millions of dollars to around 40,000 home loan customers after a manual processing system glitch.<\/p>\n

The mortgage holders were left on interest-only loans after the term expired, instead of being converted to a principal and interest rate, News Ltd papers have reported.<\/p>\n

It is believed Westpac will be paying back under $100 million.<\/p>\n

The glitch, which affected Westpac, St George, Bank of Melbourne and Bank SA, meant mortgage holders of the named banks were not paying down the principal as planned.<\/p>\n

So when interest rates rose, unaware customers would have found themselves out of pocket.<\/p>\n

Westpac identified the issue in 2017, but the details are only just coming to light.<\/p>\n

It has been reported that each customer who has been affected will have been contacted, with around 70 percent of customers having received their reimbursement.<\/p>\n

READ MORE VIA PROPERTY OBSERVER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  PHOTO: Westpac Westpac is set to pay back tensRead More →<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":19977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478106172,478106173,478106174,478098542,478098519,478098522,478099099,478098513,478098579,478098510,478098514,478098511,478098509,478101249,478100668],"class_list":["entry","author-wpcomsupport","post-19976","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-bank-of-melbourne","tag-bank-sa","tag-home-loan-customers","tag-home-loans","tag-home-ownership","tag-interest-rates","tag-mortgage-holders","tag-property","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-news","tag-st-george","tag-westpac"],"yoast_head":"\nWestpac to refund around 40,000 home loan customers after major glitch - 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