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 accounts meant borrowers were being overcharged tens of millions of dollars in extra interest payments. In a new report, the Australian Securities and Investment Commission showed lenders repaid $55m to hundreds of thou...

By Patrick Commins