Time is running out for Australians to claim life-changing refunds on junk insurance policies unknowingly added to their loans by major banks. With millions still unclaimed, those affected have until February 4, 2025, to file their applications—after that, the opportunity is gone forever.
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If you took out a home loan, personal loan, or credit card between the late 1990s and 2019, you could be eligible for tens of thousands of dollars in compensation, plus interest. Some Aussies have already received payouts exceeding $100,000, making a huge impact on their financial future.
What is Junk Insurance?
🚨 Junk insurance refers to add-on policies that were often tacked onto loans without borrowers realizing they had agreed to them.
🔹 These policies included consumer credit insurance, mortgage protection insurance, and credit card insurance—all of which were usually unnecessary or provided little to no benefit.
🔹 The cost of these policies was rolled into loan repayments, inflating the amount borrowed and increasing the total interest paid over time.
🔹 In many cases, it took borrowers up to 30% longer to pay off their loans due to these hidden charges.
Following a Royal Commission inquiry, banks were ordered to refund affected customers, and millions of dollars remain unclaimed.
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Aussies Who Have Already Received Huge Payouts
🏡 Teena and Troy’s $111,159 Refund
A couple from Central NSW, Teena and her husband Troy, felt something was wrong when their home loan balance wasn’t decreasing. After investigating, they found that junk insurance fees had been eating up their payments.
✔️ Total Refund: $111,159
✔️ Interest Charges Recovered: $66,567.97
✔️ Impact: The payout slashed years off their mortgage, allowing them to pay off their home within a year instead of decades.
💰 Karen’s $15,000 Payout
Victorian resident Karen Wright was unknowingly charged for junk insurance on three personal loans over the years. After filing a claim, she received nearly $15,000 in compensation.
✔️ “When the payout happened, I couldn’t believe it. That’s quite a lot of money,” she said.
✔️ Karen is using the money to travel the country with her family, fulfilling her late mother’s wish.
How to Check If You’re Owed Money
📌 If you had a loan or credit card from 1990 to 2019, check your statements for any unfamiliar charges. These could be labeled as:
🔎 Consumer Credit Insurance (CCI)
🔎 Mortgage Protection Insurance (MPI)
🔎 Credit Card Insurance
💡 If you suspect you were charged for junk insurance, you have two options:
1️⃣ File a claim directly with your bank – This is free, but some banks may delay or deny claims.
2️⃣ Use a claims company like Claimo – They handle the process for you but take a 30% fee from your payout.
🔴 Deadline Alert: Final Applications Must Be Submitted by February 4!
🚨 After this date, any unclaimed compensation will be lost forever.
Why You Should Act Now
💰 Millions are still unclaimed – Some Aussies have received payouts as high as $144,000.
⏳ Deadline is just days away – Don’t wait until it’s too late.
📉 Reduce debt & financial stress – Refunds can help pay off mortgages, loans, or other expenses.
If you suspect you were unknowingly charged junk insurance, act now before the deadline passes. This could be a once-in-a-lifetime financial windfall—don’t leave money on the table! 🚀
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