ANZ computer software glitch has made it difficult for customers to know what rate they are paying

Angry ANZ mortgage customers have slammed the bank after a computer error left hundreds of thousands unsure about how much interest they were paying on their home loans.

Exclusive: A computer glitch at ANZ has left hundreds of thousands of mortgage customers in the dark about what interest rate they are being charged.

Disgruntled customers have been voicing their anger on social media platforms after they could not view their variable interest rate when logging onto ANZ’s internet banking site.

They can only see what discount applies to the bank’s benchmark mortgage rate — the standard variable rate — for their specific loan.

Customers have instead been forced to go through the arduous task of visiting the

bank’s website where all loans are listed and scroll through to find the relevant rate applicable to their loan product.

They then have to manually subtract the individual discount they receive to the headline rate to work out exactly what rate they are being charged.

MORE: Westpac forced to repay customers tens of millions of dollars

MORE: Save $4700 annually on your home loan

The bank’s spokesman has apologised for the error which occurred during a software upgrade last month and said it should be rectified in the coming weeks.

“We are currently working on a permanent solution that will display each customer’s actual rate without any need for them to calculate the rate,” the spokesman said.

“This is a priority for us.”

ANZ customers have been left in the dark about what variable interest rate they are paying on their loan.

Customers will not be financially impacted by the glitch and the bank said it did not impact customers using the ANZ mobile app.

The timing couldn’t be worse for the bank after recent interest rate cuts on the back of the Reserve Bank of Australia dropping the cash rate to 1 per cent.

Financial comparison website RateCity’s spokeswoman Sally Tindall said it should be easy for customers to view their interest rate and know exactly what they are paying.

“Displaying a customer “discount” instead of the actual rate lacks transparency,” she said.

“It makes it difficult for the customers to check if their rate is competitive, and could make the customer feel like they’re getting a better deal than they actually are.”

Ms Tindall said the glitch was frustrating for customers who would be likely to be checking how much they are being charged following two rate cuts in the past two months.

ANZ this month revealed it would pass on the July cash rate cut in full at 0.25 percentage points.

The bank came under fire in June for falling to pass on the cash rate cut in full, giving customers only a 0.18 percentage points drop to variable rate loans.

@sophieelsworth

Originally published as ANZ computer software glitch has made it difficult for customers to know what rate they are paying