You know how we were just talking about interest rate hikes just being a wealth transfer from workers to the banks/
Well Dave Richardson has the receipts:
Between them, the big four banks extracted approx $17.6 billion profit from households with owner-occupier home loans in 2023-24.
That means the profit on owner-occupied housing loans is 39.5% of the big four’s total profit while those loans are just 24.6% of their business.
Australia Institute research shows the big four banks take profit of approximately $9,130 in the first year from households with an average owner-occupier home loan.
This is $761 each month, or $176 per week, from homeowners.
Over the life of an average 30-year loan, that will amount to $200,880. This is almost 35% of the average mortgage.
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