National Australia Bank has identified almost 5000 additional customers who were overcharged interest on their mortgage, taking the lender's compensation bill for a home loan pricing failure to more than $8 million.
The Australian Securities and Investments Commission (ASIC) this week provided an update that showed a blowout in the amount NAB will need to pay in refunds over problems in how it calculated interest on thousands of loans between 2010 and 2017.
In 2017, ASIC said NAB had refunded $1.7 million to 966 home loan customers, after it failed to properly link offset accounts to home loans written by mortgage brokers.
This week, ASIC said NAB had reported that another 4930 customers had been identified as requiring compensation. In total, ASIC said 6522 customers had now been affected by the error.
Credits: Clancy Yeates