Statement From BOQ re: Mortgage Offset Interest Refund
BOQ has recently identified that a limited number of home loan customers with their home loan linked to a 100% Offset Transaction Account, have not received the full benefits as described in the product terms and conditions.
This is the result of a systems error where in certain circumstances the computer link has failed to establish correctly, resulting in a partial benefit or no benefit being received by the customer.
BOQ has been working diligently in conjunction with independent experts to determine the extent of the problem and identify all potentially impacted accounts.
This program of work is ongoing and all affected customers will be notified by mail in due course.
Due to the complexity of the error, it is difficult to provide figures with pinpoint accuracy at this stage in respect to the total number of customers affected, over what timeframe and to what degree. However, on preliminary analysis, it appears that less than 1 percent of BOQ’s total customer base will be impacted.
No customer will be disadvantaged in any way as a result of this error. Interest will be repaid in full and all adjustments will be backdated. This will be undertaken in phases over 12 months (approx timeframe) beginning December 2012.
We anticipate that the total refund amount to affected customers will be less than $12 million.
BOQ apologises to customers for the inconvenience this error has caused and thanks them for their patience while we address and rectify the issue.