The number of Westpac mortgage holders who were affected by an internal error from the bank has blown out to more than three times the initial estimate, with no firm date for them to expect a refund.Almost 13,000 customers are still waiting to be refunded after the bank's error.The bank failed to switch the mortgage holders to principal and interest mortgages at the end of their interest-only period.
Our approach is to ensure no customer pays more interest over the original loan term as a result of this errorIt means almost two years after the original error was uncovered, 12,800 people are still waiting to be refunded. Will Ranken, Westpac's general manager for home ownership, apologised and promised the issue had been permanently fixed.
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