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National Australia Bank refunds A$1.7M for overcharging mortgage interest

National Australia Bank Ltd. has refunded A$1.7 million to 966 home loan customers after incorrectly setting up some mortgage offset accounts.

The bank found that between April 2010 and August 2017 it had not linked some offset accounts to broker originated loans, according to an Australian Securities and Investments Commission release.

The mistake led to customers overpaying interest on their home loans. The lender has refunded affected clients so that they are only charged interest that would have been payable had the mortgage been properly linked.

National Australia Bank reported the issue to ASIC and has engaged PwC to review the remediation approach and its compliance systems.