Equity Home Loans

Why does GE Money (Aus) refuse to lower their interest rates on home loans?

I find it hard to believe that GE has not been able to decrease their interest rates on home loans when they have been very happy to increase them over the past year. How do they get away with it. They are not going to give any of the.. RBA's recent reduction. Very disappointing GE very disappointing

Public Comments

1. They are just trying to make as much profit as they can before having to lower it, they are attached to the coles group after all and we all know how greedy they can be, go to a mortgage broker and see if you can get a better deal, apparently anz is pretty good they took off the 1% that the reserve bank passed on, but also took off another .4% by themselves so shop around if you aren't happy after all its your money! :)
2. When you get a mortgage the "rate" is locked in and will be whatever it was agreed on on the date you got the loan. At least in "fixed" loan agreement. So if you want a lower interest rate because years later the going interest rate is way lower than on the date you locked yours in then you need to refinance. ARM loans usually have a introductory rate for a set amount of years and then they "reset" to the going interest rate. The reset date is in your paperwork... check it out. If you want a lower interest rate then you need to discuss refinancing with your lender. They will not come to you and offer it. There is no legal requirement for a bank to send out letters and surprise everybody that has their mortgage with them with a lower interest rate. The deal is to offer it when it available and when you ask for it. And of course only if you are a candidate for refinancing and make it thru their checklist requirements first. (In other words only people that don't need it will be able to qualify for it)
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4. GE are one of the most evil financial organisations around. They like to bully people. They're quite entitled to make as much money from their customers as they want, after all they're running a business - and if you don't like them you can go find someone else (disregarding the contract break costs). Always stay away from GE.
5. Yikes, i cant say that i would go to GE for a $500 loan, let alone a house loan. Refinance - go through a BANK