Get notifications in real-time for staying up to date with content that matters to you.
Online lender MyRate.com.au yesterday lodged a complaint with the ACCC regarding GE Money’s pledge to waive deferred administration fees for borrowers refinancing with Aussie Home Loans.
The complaint comes as GE Money offered to waive customers’ exit fees for a three month period beginning 1 March. The lender has not passed on any of the RBA rate cuts to its customers this year.
Borrowers with a GE Money-owned Wizard home loan were offered a longer 12 month period to refinance free of charge if they moved to Aussie Home Loans – who recently purchased Wizard from GE Money.
MyRate.com.au managing director Kevin Sherman said that by keeping its interest rates high GE Money were effectively encouraging borrowers to refinance elsewhere but limiting their choice and thereby stifling market competition.
“Aussie doesn’t represent every lender, and it is unfair to disadvantage GE Money's borrowers for shopping around” he said.
“Essentially, Aussie and GE Money are penalising borrowers if they choose not to use Aussie”.
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.
PROMOTED CONTENT
Hiver, a new digital bank to be launched under Teachers Mutual, i...
The REIQ has slammed the Queensland government for failing to act...
The non-bank lender has appointed a senior credit manager whose r...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
What's the longest time you've been left on hold before getting through to a credit assessor?
