Your Bank May Have Charged You Too Much Interest. That Is Not a Glitch. That Is a Problem.

What the law says

Here is what you need to know about your rights. Under the Australian Consumer Law, businesses, including banks, must not engage in misleading or deceptive conduct, and they must not make false representations about the price or characteristics of a service. If a bank represented to you that your offset account would reduce your interest calculations and then failed to apply it correctly, that representation matters legally. Beyond the Australian Consumer Law, the Banking Code of Practice (which the major banks are bound by) requires banks to act fairly, honestly, and in a timely manner, and to correct errors promptly when they are identified. The Australian Financial Complaints Authority (AFCA) can hear disputes about bank errors and can order remediation. You do not need a lawyer to lodge an AFCA complaint. It is free. If you believe your offset account was not applied correctly, you have the right to request a full transaction and interest calculation history from your bank in writing. Keep every response. If the bank stalls, that stalling is itself relevant to your complaint. Specific compensation amounts depend entirely on your loan size, the duration of the error, and your individual fare rules, so check your loan contract and offset account terms carefully before asserting a number.