Half Australia’s big four banks to refund millions after overcharging home loans

PHOTO: After customer complaints, National Australia Bank now admits it overcharged some customers with offset accounts during a seven-year period. Picture: Hollie Adams/The Australian

HALF of Australia’s big four banks have to refund millions to customers after coming forward to admit they overcharged on home loans for years.

Fresh on the heels of Westpac overcharging customers $11m after a 23-year systemic glitch in its interest only home loans, the National Australia Bank now admits it overcharged customers with mortgage offset accounts over a seven-year period.

A statement by industry regulator ASIC said NAB has refunded $1.7m to 966 home loan customers after admitting it failed to properly set up mortgage offset accounts.

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