‘Too good to be true’: Woman nets $33k mortgage refund

A home loan Debra Gray took out more than a decade ago has ended with an unexpected $32,760 payout, after the aged care worker uncovered an old insurance policy attached to her mortgage. The 64-year-old aged care worker from regional NSW said she was so wary when she first received a text telling her she was owed a refund that she assumed it was a scam. To play it safe, Gray handed over details for an account with barely any money in it. Then the money landed. “I couldn’t believe what I was seeing. It all seemed too good to be true,” she told nine.com.au. MORE NEWS ‘Bit scary’: Tradie skips property ladder to build wealth Council threatens $300 fines over Halloween decoration Portelli returns to Aus to launch discount petrol station Gray’s payout is the latest example of Australians clawing back money from junk insurance products once sold alongside home loans, credit cards and personal loans. Known as consumer credit insurance, or CCI, the add-on cover came under heavy scrutiny after the 2019 banking royal commission, which found the products often offered poor value and, in many cases, were sold to customers who did not fully understand what they were paying for. An old mortgage ...