GE sparks loan book run-off

After failing to pass on the bulk of the RBA’s recent rate cuts to borrowers, GE Money will offer a fee waiver period to allow customers to switch to another lender.

From 1 March 2009, GE Money will waive the Deferred Administration Fee (DAF) for a three month period for borrowers with home loans that were originated through third-party distributors.

Borrowers with a GE Money-owned Wizard home loan will have a longer 12 month waiver period should they choose to refinance their mortgage with Aussie Home Loans – which will formally acquire the Wizard brand and franchise network on 27 February.