Robbed Again: Banks Behaving Badly Making Mortgages More Expensive!

According to a recent ASIC report, millions of Australians rely on mortgage offset accounts to reduce the cost of their home loan, but an ASIC review has found customers may have been unknowingly paying more interest than they should because some banks failed to properly manage offset accounts. That’s because banks have not been delivering the savings that are promised with offset accounts, according to corporate regulator. So far, $55 million has been paid in customer compensation for the failures, with further compensation likely on the way. ASIC reviewed the offset practices of eight banks, representing more than 70% of Australia’s […]