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Westpac ‘error’ sees thousands refunded

Published: (Updated: ) in Australian News by .

As part of an ongoing review into its products and services, Westpac discovered an error that saw some customers not receive a partial reimbursement for their lenders mortgage insurance premium.

Westpac is refunding thousands of Aussies who took out a home loan with the bank after a processing error was discovered to have withheld reimbursement payments to some customers.

As part of an ongoing review into its products and services, Westpac discovered an error that saw some customers not receive a partial reimbursement for their lenders mortgage insurance premium.

The partial reimbursement only applied to those who paid out their loan in full under 24 months.

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Westpac logo on building (Getty)

Westpac says it is well progressed in its refunding of affected customers and all affected will be contacted.

Anthony Hughes, Westpac's Managing Director of Mortgages, assured customers that those affected will not be out of pocket and do not need to do anything to receive what they are owed.

"Westpac continually reviews its products and services. As part of this, we identified a manual processing error which led to customers not receiving a partial reimbursement for their lenders mortgage insurance premium when they paid out their loan, in full, in under 24 months," Mr Hughes said.

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"We proactively reported the issue when it was identified and Westpac has commenced, and is well progressed, in refunding customers.

"We have updated our operational processes to prevent this from happening again.

"We apologise to the customers impacted and want to assure them no one will be left out of pocket for this error."

9News understands that issue affected around 4000 customers.

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Source: 9News https://www.9news.com.au/national/westpac-lenders-mortgage-insurance-error-prompts-partial-reimbursement/ddadfedd-609c-4698-99e5-61a141facb9e

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