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NAB refunds $1.7m in mortgage interest

National Australia Bank has refunded $1.7 million to almost 1,000 mortgage customers after charging them too much interest because it failed to properly set up their offset accounts.

The Australian Securities and Investments Commission says NAB has refunded 966 home loan customers after an internal review found that between April 2010 and August 2017 it had not linked some offset accounts to loans set up by brokers.

NAB reported the issue to ASIC and asked financial services firm PwC to review the remediation approach and to ensure its systems prevent similar future errors.

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