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7:40 PM GE Money New Zealand reduces home loan variable interest rates by .5 percent

March 17, 2009 | GE Money New Zealand has announced it will reduce home loan variable interest rates by 50 basis points for all variable 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 Tuesday, 31 March 2009 for all customers. GE Money’s cost of funds remains only partly determined by the Reserve Bank cash rate.  GE Money in New Zealand is totally 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  market. In addition, unlike banks, GE Money in New Zealand does not have a deposit base to draw on as a source of funds.

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