Eligibility Criteria

You may be eligible to participate in the Banking Class Action if you meet the criteria outlined below.

You may be eligible to participate in the claim against ANZ if:

·    You had a Loan with ANZ during the ANZ Relevant Period (30 May 2015 - 28 May 2016); and

·    Any changes were made to your ANZ Loan during the ANZ Relevant Period (for example, re-fixing your interest rate or changing the amounts or frequency of your repayments).

 

If you made changes to your Loan during the Relevant Period you will have received a Loan Variation Letter from ANZ, which mostly likely contained incorrect information regarding the effects of the changes. 

 

We understand many ANZ customers will not have kept the records of changes to their Loans dating back to 2015 and 2016.  If you think you may meet the above criteria, but are unsure, please register and we will check your eligibility. 

 

ANZ has itself identified you as meeting the above criteria if you received a letter from the Bank in or around May 2020 informing you that, following discussions with the Commerce Commission, ANZ agreed to make a payment to you in relation to a “loan calculator problem” (which caused the Loan Variation Letters to contain the incorrect information – see “About”).  If you have received this letter, we encourage you to register as you will almost certainly be eligible to participate in the claim against ANZ.

 

Lastly, you will not qualify to participate in the claim against ANZ if your Loan is in the name of an entity (such as a company) or in your name in your capacity as a trustee of a family trust.

You may be eligible to participate in the claim against ASB if:

  • You had a Loan with ASB during the ASB Relevant Period (6 June 2015 – 18 June 2019);

  • You made changes to your ASB Loan repayment dates, amounts or frequency during the ASB Relevant Period (Relevant Variations).

 

During the ASB Relevant Period, ASB did not have adequate processes and procedures in place to ensure that it sent its customers the required disclosure information when they made Relevant Variations to their Loans.  You will be eligible to participate in the claim against ASB if you were one of the customers who did not receive the required disclosure.

 

We understand that many ASB customers will not have kept records of Relevant Variations to their Loans as far back as 2015 to 2019.  If you think you may meet the above criteria, but are unsure, please register and we will check your eligibility. 

 

ASB has itself identified you as meeting the above criteria if you received an email from them earlier this year informing you that the Bank may not have given you written confirmation of changes to your loan as required under the CCCFA and that, in recognition of the same, it had decided to pay you either $68 or $135.   If you have received one of these emails, we encourage you to register as you will almost certainly be eligible to participate in the claim against ASB.

 

Lastly, you will not qualify to participate in the claim against ASB if your Loan is in the name of an entity (such as a company) or in your name in your capacity as a trustee of a family trust.