ANZ to refund $70 million in incorrect home loan charges

THE ANZ bank has been forced to repay more than $70 million to hundreds of thousands of home loan customers.

Around 235,000 ANZ customers were incorrectly charged interest rates on their home loans, with some of the errors dating back to 2003.

ANZ said an incorrect interest rate was charged because a number of the accounts were processed manually, and incorrect keystrokes were put into the computer.

ARTICLE CONTINUES AFTER THIS ADVERTISEMENT reports, The average amount to be refunded to each customer is $300 and it could take up to six weeks for the full $70 million to be given back to customers.

Money will be credited to customers’ accounts, or if the account has since been closed customers would receive a cheque in the mail.

Customer complaints were first made back in 2010 prompting a 4 year audit by PWC.