Is your bank waiving fees on your mortgage?

Home buyers can save big dollars by carefully comparing the fees charged by lenders on their home loan.

The top 16 banks earned a total of $1.226 billion in mortgage fees in 2013, up 0.4 per cent on 2012, according to data from the Reserve Bank of Australia.

Between 2007 and 2012, fees on home loans increased by 2.5 per cent per year, the fastest growth rate for fees on any category of bank product sold to households.

The RBA noted that establishment fees are being waived by some banks for some customers.

Source: Property Observer

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