 GE Money waive exit fees
GE Money will waive the exit fees for any home owners wishing to refinance with the new part-owner of its Wizard Home Loans unit, Aussie Home Loans.
Aussie, along with the Commonwealth Bank, bought GE Money's Wizard Home Loans subsidiary in December 2008.
GE Money will not be passing on the latest interest rate cut, instead customers with a GE Money variable home loan can refinance their home loans through Aussie without having to pay exit fees.
GE Money Home Lending Australia said it would not cut interest rates on variable home loans because of its ''extraordinarily high cost of funds for home loans''.
GE Money Australia is exiting the home lending market due to "the rising cost of term funding" and is instead encouraging customers to refinance with Aussie Home Loans.
Earlier this month the Reserve Bank of Australia cut official cash rates by 1 percentage point, with all the major banks passing on in full to home owners.
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