Westpac admits loan glitch

200 pieces has been curated with Queensland’s enviable indoor-outdoor lifestyle in mind.”

Mr Foster said the Coco Republic showroom in Fortitude Valley drew customers from the Gold Coast.

“It made sense to open here. We can see that Gold Coast property prices are rising and there is increasing development WESTPAC has increased the amount refunded to mortgage customers left out of pocket by a computer glitch that meant they were not paying down their loans.

Westpac in December 2017 said it was setting aside $11 million for remediation after 13,000 customers did not have interest-only mortgages switched to principal and interest as scheduled, with the result that they were not paying down their debt.

Westpac said yesterday it had increased provisioning for in the luxury sector for multi residential, so the market is there.”

Coco Republic is in an expansion phase and this year has opened an outdoor shopwithin-a-shop in an HD Buttercup store in Los Angeles.

Paul Spon-Smith started the business in 1980 and he remains chairman. the issue. “We apologise to customers impacted and want to assure our customers that we have since introduced an automated switching process to prevent this error occurring again,” it said in a statement.

It did not confirm whether the number of customers affected had changed, but letters sent to customers in recent weeks put it as high as 40,000 – including at subsidiaries BankSA, St George, and Bank of Melbourne.

Reports yesterday said 70 per cent of customers had already been remediated.

Westpac has not revealed the updated cost of the mortgage glitch, but in May’s firsthalf report said it was included in the $617 million set aside in the period as part of wider remediation action following the financial services royal commission.

Westpac had already booked $281 million in remediation costs in its full-year results in November and indicated at the time the cost of the mortgage glitch could exceed initial expectations.