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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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368k Australians potentially eligible for Westpac class action: Are you one of them?

By Naomi Neilson and Cameron Micallef

November 13 2020
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Borrow

368k Australians potentially eligible for Westpac class action: Are you one of them?

By Naomi Neilson and Cameron Micallef
November 13 2020

The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank.

368k Australians potentially eligible for Westpac class action: Are you one of them?

By Naomi Neilson and Cameron Micallef

November 13 2020
Share

The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank.

Compensation firm Slater and Gordon is preparing to represent thousands of Westpac customers who may have been sold junk credit card and insurance of little or no value.

Some were sold insurance that they would have never been able to claim.

The firm claims that insurance was often sold to people with disabilities, who were not employed or who were chronically ill and therefore ineligible to claim. The class action further alleges that many people were led to believe that the insurance was compulsory or free, while others did not even know they had been sold it.

This is the second major bank Slater and Gordon has pursued over credit and insurance claims.

In late 2019 Slater and Gordon represented 50,000 NAB customers due to being mis-sold personal loan and credit insurance, with the plaintiffs collectively compensated $49.5 million.

Slater and Gordon practice group leader Andrew Paull said: “Today, 368,000 customers identified in Westpac’s database will receive a notice advising them of the class action, and that Westpac have been accused of contravening the law.”

“The notice will contain personalised information about the recipient, confirming the products they held, and when they purchased them,” Mr Paull said.

“We urge anyone who may have purchased credit card or personal loan insurance from Westpac to keep an eye out for this notice, and to sign up for the class action.”

Mr Paull said the letter would also give customers the option of opting out of the class action, if they wished.

“The banking royal commission exposed the blatant misbehaviour of the big banks, ripping off unsuspecting and trusting customers; this class action will hopefully get back the money taken from them when pressured into buying worthless products.”

Similar notices for the ongoing ANZ and Commonwealth Bank class actions over junk insurance are expected to be sent out in coming months.

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About the author

Naomi Neilson and Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Naomi Neilson and Cameron Micallef

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