Arabic version: هيئة ASIC تكشف إخفاقات مكلفة في حسابات مقاصة الرهن العقاري

According to ABC News, Australian banks paid more than $55 million in compensation after mortgage offset-account failures caused customers to pay more interest than they should have. ASIC examined eight banks representing more than 70 per cent of Australia’s home-loan market and found weaknesses at all of them.

Offset accounts link savings or transaction-account balances to eligible home loans, reducing the portion of a mortgage on which interest is calculated. ASIC chair Sarah Court said the harm could be difficult to detect because repayments may remain unchanged while customers unknowingly pay extra interest and take longer to repay their loans.

Reports to ASIC from September 1, 2023 to August 31, 2025 showed AMP, ANZ, CBA, Credit Union Australia, HSBC, ING, Macquarie and Westpac collectively paid the compensation. ASIC found banks had failed to identify 77 per cent of reported failures before the regulator requested data, while manual staff errors accounted for 86 per cent of failures reported by banks.

The review identified problems in setting up, monitoring and managing offsets. Seven of the eight banks used manual processing for some requests, especially during refinancing or loan changes. ASIC also said borrowers were not always clearly told that changes to a mortgage could de-link an offset account or require a separate request to restore the connection.

The Australian Banking Association’s chief executive, Simon Birmingham, said offset accounts were working for well over 99 per cent of Australians and that banks were resolving issues, compensating customers and improving systems. ASIC said several banks had begun remediation, and it would provide individual feedback, monitor responses and consider further regulatory action where appropriate.