CommBank announces $80 million refund to home loan customers

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).

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*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.

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