CommBank announces $80 million refund to home loan customers

By Rebeccah Elley · · 2 min read
Fact Checked
Advertiser disclosure

The Commonwealth Bank has today announced it will be providing refunds to some of its customers with a Mortgage Advantage or Wealth Package home loan. The refund is a result of the big bank conducting a review and finding that some customers didn’t receive all the discounts that come with these home loan packages.

This has meant around 216,000 home loan customers have overpaid the bank approximately $80 million in both fees and interest, with some cases dating back to 2008. This will see the average CommBank customer entitled to a refund receive around $370.

Since its announcement today, CommBank has begun contacting customers who are entitled to a refund due to overpayment.

“I apologise to customers who have not received the full benefits of their home loan package due to our mistake,” Matt Comyn, Group Executive, Retail Banking Services said.

Comyn explained that since discovering the overpayments, the bank contacted regulator ASIC and has adopted steps to address the “root causes of the error” including changes to controls, systems and processes.

“Once we discovered the error we notified the regulator, ASIC. We worked to identify those customers who were due a refund, and the amount owed to them, including interest. We have commenced contacting these customers.”

“Whilst we will always do our best to minimise errors, this shows our commitment to proactively identify any historic errors, and put them right,” said Comyn.

If you think you may be entitled to a refund or have any questions you can contact CommBank on 1800 785 683 (9am-5pm AEST Monday-Friday).

Are you in the market for a new home loan? Compare deals on Mozo here or head on over to our refinancing hub for helpful hints and tips for making the switch. 

Home loan comparisons on Mozo - last updated 18 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

    Compare
    Go to site
    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Compare
    Go to site
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    Go to site
    Details

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.