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Information for consumer home loan package customers

We are committed to an ongoing review of our products and services to make sure we ‘get it right’ for our customers. As part of this, we will provide refunds to some customers holding ‘packaged’ accounts after identifying they did not automatically receive benefits to which they were entitled. We will proactively contact affected customers so you do not need to do anything. We apologise unreservedly for a process that did not suit our customers.

What happened?

We identified that some customers holding ‘packaged’ accounts did not automatically receive benefits to which they were entitled and will refund these customers, including appropriate interest.

The issue affected customers who held an Advantage Package with Bank of Melbourne from 2010.

Under the terms of the packages, customers were entitled to a range of benefits. Customers automatically received discounts on core products such as home loans, credit cards, or transaction accounts.  However, some customers did not receive these benefits on ancillary products such as home and contents insurance and term deposits.

The packages have since been simplified and all benefits are now automated.


What are we doing about it?

We are committed to getting it right for our customers, and where things go wrong, we will put it right. That is why we are proactively contacting customers and will provide refunds for all benefits that should have been applied, including appropriate interest.

We will contact affected customers by mail from December 2017. All affected customers will be contacted by the end of 2018.
 

Which products have been affected?

Bank of Melbourne Advantage Packages.

Under the terms of the packages, customers were entitled to a range of benefits. It is important to note, customers automatically received discounts on core products such as home loans, credit cards, or transaction accounts.  However, some customers did not receive these benefits on ancillary products such as home and contents insurance and term deposits.

Packages have since been simplified and all benefits are now automated.

 

What about products that are no longer included in the Package benefits?

If we find we have made a mistake, our priority is to put it right. That is why we will refund customers for products that are no longer part of the package, if we believe they should have received the benefit.

 

How will I know if I am affected?

We will start proactively contacting affected customers by mail from December 2017. All affected customers will be contacted by the end of 2018.

 

Who do I contact for more information?

We will proactively contact affected customers, so you don’t need to do anything. However, if you have any additional questions, you can visit a branch or contact your relationship manager.