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GE Money Stops Funding Home Loans PDF Print E-mail
Wednesday, 29 October 2008

GE Money announced to the broker network at the beginning of October that it would no longer be funding its prime mortgage products.  Next came the news that it wouldn’t pass on any of the 1% rate reduction announced by the Reserve Bank.  Now GE has announced it will stop funding home loans through third party introducers altogether.

Increased funding costs are the reason given by GE Money for its withdrawal from home loan funding.  GE Money Australia & New Zealand’s chief executive mike Cutter said in a statement “Home lending and motor finance are capital-intensive businesses and we have had to accept that the returns at present no longer justify the cost of funding those products,”.

 
 
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