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Westpac to refund $11m to overcharged interest-only mortgage customers

Westpac has committed to pay a total of $11 million in compensation to customers who held one of 13,000 owner-occupier, interest-only home loans affected by a mortgage processing error.

Westpac to refund $11m to overcharged interest-only mortgage customers
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The error led to those customers continuing to make interest-only repayments on their loans, instead of being switched to principal and interest repayments at the end of their interest-only period.

Read the full article on ABC Online.

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