{"id":451681,"date":"2026-05-29T20:47:14","date_gmt":"2026-05-29T20:47:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/451681\/"},"modified":"2026-05-29T20:47:14","modified_gmt":"2026-05-29T20:47:14","slug":"anz-appeals-high-court-ruling-in-mortgage-disclosure-class-action","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/451681\/","title":{"rendered":"ANZ appeals High Court ruling in mortgage disclosure class action"},"content":{"rendered":"

\u201cWe maintain that the potential consequences under the High Court\u2019s interpretation of the law are disproportionate and not aligned with the purpose of the CCCFA or any actual harm caused.\u201d<\/p>\n

A coding error in one of ANZ\u2019s systems between 2015 and 2016 meant loan variation letters sent to about 17,000 customers contained incorrect repayment information.<\/p>\n

ANZ said the error meant customers underpaid their mortgages by $2 on average each month. <\/p>\n

While ANZ reported the issue to the Commerce Commission and paid customers more than $35 million to rectify the mistake, the issue before the court<\/a> was whether ANZ was required to reimburse customers for their costs of borrowing, including interest, paid during the period of the breach.<\/p>\n

Justice Geoffrey Venning ruled the representative plaintiffs were not liable for the costs of borrowing on their loan during that period.<\/p>\n

The bank estimates its maximum potential liability from the High Court decision at about $125m.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cWe maintain that the potential consequences under the High Court\u2019s interpretation of the law are disproportionate and not…\n","protected":false},"author":2,"featured_media":451682,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[29485,432,74,12465,28654,5761,1643,138,12781,4187,124,1349,51178,2959,78,5836,1132,16400,111,139,69,29946,1361],"class_list":["post-451681","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-29485","tag-action","tag-after","tag-anz","tag-appealing","tag-appeals","tag-bank","tag-business","tag-class","tag-cost","tag-could","tag-court","tag-disclosure","tag-high","tag-in","tag-lost","tag-million","tag-mortgage","tag-new-zealand","tag-newzealand","tag-nz","tag-ruling","tag-that"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/451681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=451681"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/451681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/451682"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=451681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=451681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=451681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}