ANZ Bank has been ordered to pay out over $1.27 million in civil penalties by the NSW Consumer, Trader & Tenancy Tribunal. The penalties came as a result of errors in 88,000 loan contracts which were in breach of the NSW Credit Act and represent the NSW portion of 362,000 erroneous contracts nationally. In total, ANZ has been ordered to pay out $5.25 million.

Sixty-three types of errors were identified in the loan contracts, including failure to disclose fees and charges, failure to disclose the amount financed and the interest rate, failure to get contracts signed and dated, and failure to disclose whether the loan was secured by a mortgage.