GE pumps petrol rebate at mortgage market

GE Money will employ price gimmicks unrelated to its core home loan product rather than engage in any real price competition in a bid to stimulate demand for home loans. GE said it would offer new home loan customers a discount of 10 cents per litre for all petrol purchased over 12 months. According to the Royal Automobile Club of Victoria, the average motorist drives 15,000 kilometres a year using around 1500 litres of petrol. So at 10 cents a litre rebated by Wizard, any of their borrowers who take up this offer would save $150. The petrol discount will apply to Wizard customers who take out a mortgage between July 11 and September 9, with the 10 cent discount on each litre of petrol applicable for one year.