Home » 2011»May»16 » GE Money New Zealand reduces home loan variable interest rates by .25 percent
7:31 PM
GE Money New Zealand reduces home loan variable interest rates by .25 percent
May 6, 2009: GE Money New Zealand has announced it will reduce home loan interest rates by 25 basis points for all variable rate mortgages following the latest review of its cost of funding and the recent New Zealand Reserve Bank’s official cash rate change.
The rate reduction is effective from Thursday, 14 May 2009 for all customers.
GE Money in New Zealand is reliant on the wholesale funding market for its local operations. Therefore its funding position continues to be affected by increased volatility in global wholesale financial markets. In addition, unlike banks, GE Money in New Zealand does not have a deposit base to draw on as a source of funds.