‘Saving on home loan fees’ by Paul Clitheroe

Many of our big banks are to be applauded for the decisions to remove or reduce many of the fees and charges applicable to everyday transaction accounts. However that’s not to say that consumers should let their guard down. There are still plenty of other fees to be mindful of, especially when it comes to home loans. Mention the words ‘bank charges’, and many of us think of the fees attached to everyday transaction accounts. But home loans have fees too – and their take is growing. Reserve Bank figures show that over the last year, bank fee income from home loans grew by 17%. That compares to fee income from savings and transaction accounts which grew by just 3%.   

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