$55 Million Refunded To Aussies!! Check Your Account. #shorts #australia #mortgage
By Scott Kuru
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Your offset account could be costing you thousands without you even knowing. ASIC reviewed 8 major Australian banks and found weaknesses in how offset accounts were being managed, with more than $55 million already paid to affected customers. The concerning part is that the problem can be incredibly difficult to spot. Your repayment might look exactly the same while more of your money goes towards interest and less towards paying down your loan. Don’t just assume your offset is working correctly. Check that it’s linked to the right loan and ask your bank to confirm it in writing.
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