Australia fines Snaffle A$33.5m as 38,000 contracts overcharged

Snaffle’s pricing charged between 88% and 103% in rates, over the 48% rate cap.

Australia’s Federal Court has fined Walker Stores Pty Ltd., which traded as Snaffle, A$33.5m for unlawfully charging consumers under credit contracts.

Walker Stores was found to have miscalculated interest on over 38,000 contracts between September 2021 and February 2025, costing customers almost A$20m more.

This is nearly double the lawful amount, according to an online statement by the Australian Services and Investment Commission (ASIC).

Snaffle’s pricing structure for three sample credit contracts also charged between 88% and 103%, the court found. This breached the 48% annual cost rate cap on costs that could be charged under a credit contract.

Consumers who enter these types of credit arrangements are often financially vulnerable, and charging unlawful interest can significantly exacerbate the customer’s difficult financial position, said ASIC Deputy Chair Sarah Court.

“This is a substantial penalty for egregious misconduct that impacted tens of thousands of Australians,” Court said.