GE waives home loan switch fees to bring rate relief

GE Money has announced that it will waive the deferred administration fees (DAF) for its home loan customers to encourage them to switch to a cheaper deal.

In a statement today (February 19th), the bank announces that it is winding down its home loan division because borrowing rates in financial markets are too high to make the business a goer.

However, managing director of GE Money home lending Lisa Davis insisted that it will be keeping its cheap credit cards, personal loans and insurance divisions going.

“Now that the sale of Wizard to Aussie is nearing completion we can offer a DAF waiver to help customers make an informed decision about what is best for their home loan and circumstances," she said.

Earlier this month, GE announced that it wanted to sell itself to Aussies as a “smart alternative” to the Big Four by focusing on products such as cheap credit cards.

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