Mortgage offset account errors mean some Australians are owed thousands of dollars. Are you among them?

From the publisher

The corporate regulator has detailed how banks have had to pay tens of millions of dollars in compensation to customers for mortgage offset failures. In a new report, the Australian Securities and Investment Commission showed lenders repaid $55m to customers over two years after they unknowingly paid too much interest on their mortgages – and warned the number would climb higher. Here’s how to check whether you have fallen foul of what could be an expensive administrative error. What is a mortgage offset, anyway? Mortgage offsets are savings accounts that are linked to your mortgage. As the name suggests, whatever money you have in these accounts is then subtracted from…

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