Powered by MOMENTUM MEDIA
subscribe to our newsletter

Aussies paying $9 a week in bank fees

There has been little change in bank fees paid by households as more than 900,000 new home loans were provided by Australian banks in the last year.

This is according to the Australian Bankers’ Association (ABA), whose chief executive Anna Bligh believes is due to a combination of factors including strong competition, more low-fee and no-fee products being offered, and the industry’s efforts to educate customers about how to minimise the fees they pay.

An ABA report released today last week, Fees for banking services, shows the average weekly bank fees paid by households is $9, the same amount it has been over the past five years.

“We know how important transaction accounts are for bank customers to do their day-to-day banking and virtually every Australian has one. Pleasingly, the amount households paid in 2016 in fees for their transaction accounts was at its lowest level in 15 years,” Ms Bligh said.

“At the same time, we’re seeing more people using their transaction accounts more often,” she said.

Advertisement
Advertisement

PROMOTED CONTENT


“Also, mortgage fees relative to the number of home loans provided to customers were the lowest on record and fees for credit cards relative to the amount of credit accessed remained at the lowest level in more than a decade.”

Ms Bligh said bank fees paid by businesses for loans were also low when compared to the increase in lending.

“Over the past year, the increase in fees of 2.4 per cent was well below the 8 per cent increase in business loans.

“Large businesses accounted for 58 per cent of bank service fees from business loans,” she said.

[Related: Latest rate hike 'not in response to bank levy']

Aussies paying $9 a week in bank fees
mortgagebusiness

Latest News

Housing finance commitments have reached above decade averages in seven states and territories, and above year-ago levels in all economies, ...

The median house price in the Tasmanian capital surged by 16 per cent in a year, reaching record highs in the September quarter, new data fr...

The major bank is offering SMEs a new equipment loan under the second phase of the Coronavirus SME Guarantee Scheme. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Court cases and penalties

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.