Macquarie Mortgages is writing to customers seeking to rectify "errors" in up to 1000 home loan contracts since 2005, and thus restore the bank's ability to charge additional fees, the
Herald Sun reported.
The lender aims to change contractual terms so that it can levy fees to recover mortgage insurance from borrowers about to refinance their loans, according to the newspaper.
Mortgage contracts cited by the Herald Sun show that Macquarie is not entitled to impose any mortgage insurance recovery fees if home loans are discharged within three years.