Over 5 million Australians have been overcharged by the banks. That’s 1 in 5 people are owed money.

Commonwealth Bank Overcharged 216,000 Customers a Total of $80 million

Over 28,450  People Have Used This Program to Find Bank Mistakes… Now It’s Your Turn


MortgageWatchdog found that we had been overcharged $9,876.27 on our home loan.

Wayne Keogh – Melbourne, VIC

20% of Australians have been illegally overcharged. That's one in five people!

54% of monthly statements contain errors and 80% of errors favour the banks. That just doesn’t seem fair. 

The banks have set aside $8.1 billion that they know they need to refund.

They have hired over 4,000 new staff to handle the complaints and refunds they know they need to deliver to 5 million customers

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As seen on

See a few of our customer success stories…

More Than Five Million Australians Overcharged

The average error is about $242 per monthly statement. Hundreds of thousands of Australians are potentially affected.

George De Costa an accountant from Petersham had his statements checked and found that he was overcharged $26,500.

Banks do make mistakes with mortgages.
And very few are in the customer’s favour.

“It would be naive to think there’s such a thing as a perfect system, and that mistakes will never happen. Mistakes are a fact of life…” Paul Clitheroe

Westpac has committed to pay a total of $11 million in compensation to 13,000 customers because of a mortgage processing error.

The bank said a “technology glitch” was responsible for the latest error and had been occurring since 1998. Interest is owed to about 150,000 customers.

Half of Australia’s big four banks have to refund millions to customers after coming forward to admit they overcharged on home loans for years. 178,000 customers affected.

Bankwest has refunded approximately 10,800 customers more than $4.9 million after it failed to link offset accounts to home loan accounts.

ANZ will refund about $5 million to 25,000 customers, including pensioners, after overcharging their accounts for almost a decade.

More than 10,800 customers were overcharged during a nine-year period between 2007 and June 2016 after Bankwest failed to link offset accounts to home loan accounts.

About 235,000 ANZ home loan customers will receive refunds totalling roughly $70 million after being overcharged for interest repayments.

Commonwealth Bank will pay refunds to 216,000 customers… the payouts, worth about $80 million in total.

A total of 46,000 customers have been affected by the errors at Bank of Queensland.

It emerged that as many as 140,000 customers were wrongly charged debits tax totalling about $10 million.

And errors in annual fee charges for some home loan products, wrongly netted the bank a further $52 million. The mistakes hit 55,000 such products.

Over nearly a decade, the corporate regulator (ASIC) regularly bowed to demands from big banks and financial players — NAB, CBA, Westpac, Macquarie and AMP — to water down the language used in press releases dealing with industry wrongdoing.

"The era of trusting the banks has long gone."

Justice Clarke, New South Wales Supreme Court


Monthly statements with errors


Errors in bank's favour

Average monthly cost in $

People helped with MortgageWatchdog

Australians overcharged

How bad do the numbers need to get before you take them seriously?

One Way or Another
This Calculator is FREE

It’s simple, if you don’t find enough errors to cover the cost of this calculator, you get 100% of your money back.

Order now, check your statements for the errors buried inside them and if the total of the errors found is not worth more than the cost of the calculator, then we let you have it for free.

You can also keep your access to the training video on how to eliminate your mortgage interest repayments from your family budget within 9 months.


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You Could Be Owed Thousands

We have helped over 28,450 Australians find errors in their bank statements. Look at just a few of the success stories below and the refunds people are getting from their banks.


Ann-Maree Enders - Kingsley, WA

I have now been reimbursed the exact amount of discrepancy I had found using your program of $7,563.04 plus reimbursement of the cost of the package against my loan.


Mark Carroll - Castle Hill, NSW

In the first two years of my loan, MortgageWatchdog found $2,350 in errors. The bank has now credited this full amount back to my loan.”

Janine Thurgood - Ocean Shores, NSW

15 years ago a bank forgot to credit our account over $5,000 which we deposited.

This could happen to anyone. Thankfully we got our money back and an apology… but a simple apology doesn’t seem enough when it involves such large sums of money.

Steve Atkin - Port Macquarie, NSW

Thanks everyone. I’ve just found $1,100 over the last 3 years owing to me from my bank in overcharged interest on a home and investment loan. They were totally shocked with being caught!

Ivan Paulus - Maroubra, NSW

I got a few bank accounts with CBA. After seeing with MortgageWatchdog that we can claim back our overdraft charges, we straight away use the software to generate letters. As a result, CBA refunded us back about $180. That is pretty NEAT, just about a 4 minute job to check the statements & use the software to generate letters and mail it to the bank.
Thank you MortgageWatchdog

Ian Cowden - Birkdale, QLD

I wrote to the bank using MortgageWatchdog’s letter generator and the bank not only paid up the money I asked for, they were honest enough to find errors going back further and paid me over $500A pretty good investment as far as I’m concerned

Lucinda - Everton Hills, QLD

6 months later after updating my details in your program I found the missing money and the bank credited $2,012 to my home loan. Certainly nothing to be sneezed at with the recent interest rate hike.

Shalom Paul - Sydney, NSW

I must admit if there was anyone who was a sceptic, it was me! After loading in all the data and following the easy steps (even I can do it and I hate instruction manuals!), what started to unfold were a series of errors the bank had made!

I reviewed the mortgage over a period of 16 months and to my horror I found that they had been charging me more interest than I owed – a few hundred dollars.  I’m incredibly grateful to Mortgage Watchdog – its really one of the best investments I’ve made. I’m rapped!

Mychelle Morrissey and Gus Mulder - Wattle Grove, WA

My husband and I were with Macquarie Bank. We had a number of problems with regards to fees and charges and monthly mortgage payments.  Whenever I contacted Macquarie’s customer service and asked for explanations  I was very abruptly dealt with. After being with this bank for 7 months and being extremely unhappy with all aspects of the service, we refinanced with another bank.

While I was bemoaning the situation and sure that we were owed at least $3,000. I saw an advert for MortgageWatchdog.  So, with nothing to lose I purchased the software. From a data entry point of view I loved the system.  It was very simple to understand and the best part is the program creates a letter to send to the bank, which I did. 6 weeks later the bank sent us two cheques, one for my husband and one for me. The total we received from the bank was $4,000. Best investment I have made all year. Thank you MortgageWatchdog.


Wayne Keogh - Melbourne, VIC

MortgageWatchdog found that we had been overcharged $9,876.27 on our home loan. I had to recheck it as I didn’t think it could be true when I first did it. It was, and the bank has now reimbursed us for the full amount – and I used the money to buy a car!


Mrs. Mackenzie - Brisbane, QLD

We found a discrepancy of $8,643.00 on our fixed loan and this has now saved us $33,000 over the life of our loan.

Angela Fulton - Reservoir, VIC

I am due a refund of approximately $5,000. Which will do nicely for my overseas trip I am planning next March.

Bayley and Carolyn Vincent - Barden Ridge, NSW

We had been concerned about our loan for a while – there seemed to be a number of strange things happening. MortgageWatchdog found that because of an error on our offset account, we had been overcharged $3,517.57 and this was on a loan that is only $66,000 and was only over a 10 month period!

MortgageWatchdog also calculated that we were owed an additional $136.74 in compounded interest on this error – so, a total of $3,654.31. We also found a second error where some repayments had gone to the wrong place – this was another $5,830.

So, the total error came to $9,484.31 – all in only a 10 month period.

If these errors had not been detected, we would have paid approximately an extra $55,000 in interest over the life of the loan”.

Barak - Canberra, ACT

I all the time had a feeling that my home loan bank statements were incorrect. I did not know how to calculate or prove that there are discrepancies until I heard about the MortgageWatchdog program. I found the software easy to use and I discovered that my bank owes me around $500.

Jouko Hakola - Eight Mile Plains, QLD

I used the MortgageWatchdog software to check 2 years of my loan and found errors of $353.51 (and this was on a very small loan of only $50,000). I then used the built in Mistake Compounder and I am delighted to say that the bank has just deposited $1,250 back into my account to reimburse me for their error.

Joe Musolino - Drummoyne, NSW

Thank you for your programme. It really opened my eyes to see how some reputable banks make errors or known errors in their calculation of interest. …. I found over $500 of errors on interest calculations.
I provided the bank with the calculation my Watchdog programme and I was so furious, that I called my client bank manager to discuss this issue. … he did say he will follow up and if any errors occurred they would credit my account with the difference.

Just in two months, errors of $166. I need basically to employ someone to go back the last five years, as I have lost all confidence in banks and how they just really do not care about you only what they can get away with. It’s not right.

Owen Frankhouser - South Hobart, TAS

I have found a mistake in the first month of my loan! $97.00. Thank god for your software! Imagine that over another 30 years. Well worth the money spent!

Thanks again too for the brilliant software. Am trying to get all my friends and family to take a look at it!

Irene James - Greenbank, QLD

I would like to thank you for such an easy software package which is very user friendly.

"I think that the reports today would alarm many people."

Anna Bligh – CEO Australian Bankers Association

Naïve, Insane or Incompetent?

Which one would you choose? If someone thinks they don’t need to check their mortgage, after seeing that every major news outlet in Australia has reported stories on overcharges by every major lender

It just isn’t logical, so it must be one of these three.


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When You Look at the Details it’s Scary

We offered $250 to any customer who didn’t find errors. Across 20,442 customers, only 19 of  them have had error free statements. That means a tiny 0.093% our clients have had error free statements. 99.907% of people found errors.

Paul Clitheroe - Channel 9's Money, chief commentator MoneyMagazine

It would be naive to think there’s such a thing as a perfect system, and that mistakes will never happen. Mistakes are a fact of life and I am not suggesting that banks intentionally do anything wrong…

John Scilly - former executive at Advance Bank

The incidence of error is extremely high. We recently checked 282 normal statements and 152 of those were incorrect. It really is alarming

Journal of The Institute of Chartered Accountants in Australia

A recent survey of bank statements conducted by The Interest Savers for Sydney Morning Herald readers showed an error rate of 54%… The Herald’s switchboard was jammed for a week by callers wanting their statements checked.

Roy Brown - Managing Director of Interest Research Bureau

The bank statements are never clean, [citing the experience of some 350 clients]. “Significant errors” occurred in 90% of statements. Banks get almost every interest calculation on mortgages and overdrafts wrong at some point.

Martin McKenna - former Commonwealth Bank officer

Only one in 70 cases we examined involves the undercharging of interest the other 69 have all been overcharged.

Joe Naggy - former Citibank executive now at Midmark Financial Services

[In accounts for over 20 of my clients] I have discovered overcharges in approximately 75% of cases. The total of all mistakes, including overcharges of interest, fees and other irregularities amounts to over $500,000.

"Because of the large volume of transactions mistakes are inevitable."

George Frazis – head of consumer banking, Westpac

Worried the Bank Won’t Refund Your Money?

The banks have a legal obligation to give your money back… and they know it. That’s why they have set aside $8.1 billion for refunds and compensation. Look at what they have to say…

When someone comes to us and says ‘You’ve done something wrong’, then we don’t quibble, we do something about it.

Mr Haydn Park – Head of Corporate Relations

We want our customers to have confidence that if we get something wrong, we acknowledge it and put it right.

George Frazis – Chief Executive of Consumer Banking

When we identify an issue where we haven’t got things right, we will make sure our customers are not left out of pocket.

Fred Ohlsson – Group Executive for Australia

We think we will be the ethical bank, the bank others look up to for honesty, transparency, decency, good management, openness. That is exactly where we are trying to go.

David Turner – Chairman

We are not only addressing the underlying issues but taking proactive steps to minimise future risks.

Stuart Grimshaw –  Managing Director

Banks are always obliging when it came to refunds.

Arthur Delbridge – Spokesman

When a problem is identified, licensees not only have an obligation to report the breach, but impacted customers must be returned to the position they would have been in, had the breach not occurred.

Peter Kell – ASIC Deputy Chairman

Find Your Missing Money And Learn The Debt Free Painlessly System

Join the 28,450+ people who have already used this calculator to find errors and get your money back from the banks. This is yours free when you take the trial of the Debt Free Painlessly masterclass.

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“A $9,000 Refund is Small Change in Comparison”

The really big money that you can get back on your mortgage is putting your lazy equity out to work.
We’re talking tens of thousands of dollars.

You don’t help over 28,450 Australian’s find errors in their statements without learning a trick or two about how to beat the banks at their own game. In fact, what you’ll learn inside this website makes something like a $9,000 refund look like small change in comparison.

You’ll see that there is a way to take $50,000 to $150,000 a year off your mortgage without compromising your lifestyle and giving up the things you love. This is easy to implement and takes next to no effort because someone else does the work for you

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Level 19 / 10 Eagle Street
Brisbane QLD 4000
Phone: 1300 852 024
Email: support@debtfreepainlessly.com.au
Gray Holdings Trust
ABN 90 095 371 433

Strategy 1: Government Funded Investment Program

Do this one thing and you can cover the repayments on a $500,000 mortgage. See how this program spins off $25,410 a year. 


Strategy 2: Create $90,000 in After Tax Profits in 12-18 Months

Learn how to partner with experienced buildres to create a building at a wholesale rate and sell at a retail rate for a profit.


Strategy 3: Part 1 The Banker's Blueprint

This video is CRITICAL to understanding how to become debt free, painlessly. You will learn the formula that banks use to make billions and how we can copy it and use our lazy equity to eliminate out mortgage pain.


Strategy 3: Part 2 Where to get 8%

In this video you’ll learn how to earn a high rate on your money by copying the strategy widely used by Australia’s richest people. We take the proven formula and use it ourselves to automatically pay down our mortgage with long term contracts in place.


Strategy 3: Part 3 The Nitty Gritty

This is how to implement the strategy we learnt in lesson 2. We look for all the signs of a strong, long term, low risk opportunity to get our lazy equity working for us, automatically paying for our mortgage each and every month.

Strategy 4: Is Paying LMI Worth it?

Many people have an automatic knee-jerk reaction to Lender’s Mortgage Insurance. In this video we look at the numbers and let them decide. Can LMI actually be profitable and pay for itself? How much more will you make if you use it?

Simple Negotiation Strategy to Get a Lower Rate With Your Bank

Banks are proactively acting against you to charge you a higher rate. They have programs in place to make you what they call a “sticky customer” and charge you more money.

Robert Kiyosaki on Financial IQ

A one-on-one conversation with Robert Kiyosaki was one the of the key moments in my life, that completely altered the path I was taking. In the moment, it was the worst news I’d ever heard, I thought I was doomed.

How much does it cost to have us set this all up for you?

This service pays for itself in around 6 weeks. Watch the video then book in for a free one-on-one call and discover what strategies are avaliable to you.

Register for the MortgageWatchdog Calculator Here

But before you register, here is an important instructional video on using the program…

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