GE borrowers encouraged to leave

Home owners with a mortgage funded by GE Money are still paying hundreds of dollars a month more than other borrowers because the finance company has not passed on any of last month's one per cent interest rate cut.

Cristina Sipp is paying 7.86 per cent on her three-bedroom townhouse, so her fortnightly repayments are $133 a week higher than if she was with a major bank – $741 versus $608.

GE Money's Tristan Everett said GE had stopped writing new loans and was encouraging people to leave by waiving fees.

Source: The Daily Telegraph