News just in from GE Money;

As a result of the extreme volatility and greatly increasing cost of funds, on the global and local wholesale markets, a strategic business review has taken place. Effective Friday 24 October, GE Money Third Party Solutions will cease offering home loans through third party distribution partners; Mortgage Managers, Originators and Brokers in Australia.

Pipeline loans that are formally approved by 31 October 2008, will be processed in the normal way.
GE Money will continue to: pay commissions on existing loans; perform servicing and collections activity on the existing book.

Borrowers home loan functionality will continue, however further advances on existing loans will not be available.

GE Money customers looking for alternative options can Contact Ability Finance brokers using this email form or telephone 02 80024035 for information and assistance with choosing an alternative home loan.