What Happened
Fresh data from the Reserve Bank of Australia shows Australian households paid a combined $4.1 billion in bank fees in the 2024–25 financial year. That’s an increase of $268 million — or 7 per cent — on the year before, working out to roughly $412 per household.
Home loan fees saw the sharpest rise, jumping 17 per cent (an extra $167 million) as the refinancing wave pushed up discharge and application costs. Credit card fees also climbed 10 per cent to $1.7 billion, driven by annual fees and overseas transaction charges.
What This Means for You
If you haven’t reviewed what your bank charges you lately, there’s a good chance you’re overpaying. The RBA data confirms that most of these fees aren’t unavoidable — they’re negotiable or switchable.
A few things worth checking on your next statement:
Home loan ongoing fees: The average annual package fee sits around $278, but the majority of lenders now offer at least one option with no ongoing fee at all. If you’re paying a package fee without using the bundled benefits, it may be costing you for nothing.
Credit card annual fees: The average is $204, yet at least 12 lenders offer cards with no annual fee. If your card’s rewards don’t offset that cost, it’s worth reconsidering.
Currency conversion fees: Most banks charge 3 per cent on overseas purchases. At least seven providers — including some major banks on select cards — waive this entirely.
One positive: exception fees (late payments, overdrafts) actually fell by 3 per cent — a sign borrowers are getting better at managing payment timing. That’s one cost you can control directly.
The broader message: in a market where interest rates are already squeezing household budgets, trimming avoidable fees is one of the few levers you can pull without changing your loan structure.
Talk to a Finance Hub broker — call 0430 11 11 88 or visit finhub.net.au
Source: Canstar / RBA Domestic Fee Data, released 28 May 2026
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Aggregated through Connective Credit Services Pty Ltd, ABN 51 143 651 496, ACL 389328. Credit assistance provided. This page does not constitute financial advice.
