Thousands of Commonwealth Bank customer have been left angry after their mortgage repayments dropped to the minimum amount, as of Friday.
More than 3300 complaints have been lodged with CBA before it switched 748,000 eligible variable principal and interest rate customers onto the minimum amounts without their consent.
The forced move could mean that customers take years longer to pay off their loans and spend more on interest repayments.
A CBA spokesman said the one-off change to migrate hundreds of thousands of customers had been rolled out as part of a series of measures to help customers during the current pandemic.
“We do understand that this decision does not suit all of our customers and appreciate that we may have caused some of them an inconvenience,” the spokesman said.
And he said the change would put hundreds extra back into borrowers’ pockets.
“This is worth on average $400 per month for customers,” he said.