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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 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.
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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.
Phil Naylor, CEO of the MFAA, told Mortgage Business that the GE decision was “certainly good news”, not just for borrowers but for industry members whose clients may have been locked into higher rates.
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