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Coles moving closer to mortgages?

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Australian Broker | 15 Jul 2014, 09:26 AM Agree 0
Coles has taken another step toward the mortgage market after announcing a new deal with GE Capital
  • Derek | 15 Jul 2014, 10:21 AM Agree 0
    The Australian consumers need to be wary of GE money post GFC exiting the mortgage industry leaving dozens of Mortgage Managers and Wizard customers on high interest rates, refusing to pass on rate cuts. Never again for me GE Money, stay overseas where you belong!!!
  • Kym | 15 Jul 2014, 10:23 AM Agree 0
    I might start selling groceries!!!!!!!
  • Clarke Kent | 15 Jul 2014, 10:24 AM Agree 0
    Good for those interested they can refinance their mortgage with their groceries. Good luck!
  • Gav of Brisbane | 15 Jul 2014, 11:13 AM Agree 0
    Well there's 2 company's who names instill trust in consumers.
  • Kym | 15 Jul 2014, 11:31 AM Agree 0
    Perhaps I could mortgage my groceries to raise some capital. What a joke Coles stick to what you know!!!
  • Regional Broker | 15 Jul 2014, 01:30 PM Agree 0
    Yikes , the blind leasing the blind , correct me if I am wrong , during the Global Financial Crisis GE Capital , sort of left the Australian Market , particular Brokers high and Dry , Oh that is not a mat be it actually happened , good luck with all that Mr Westfarmers !!!
  • Andrew Edwards | 15 Jul 2014, 04:41 PM Agree 0
    Was bound to happen!

    Once you have access to such a big data base AND you have the money to market the product and you can run at a loss for the first 2 years you have every chance of making an impact.

    Imagine how many Fly Buys you would get refinancing a $450,000 home loan to Coles!

    It will be interesting to see how they structure it. Whether they just become a brokerage or they start their own white label product. They would want to have a damn sharp rate if they want to be competitive or have some kind of niche product.

    People will be interested in taking a look but if there is nothing in it for them to move over why would people bother?
  • Colin Rice | 15 Jul 2014, 04:41 PM Agree 0
    I see it as an opportunity to fix up the messy loan structures that will come my way via the DIY brigade fixated on rate rather than long term goals ala loans.com.au and ubank etc.
    Bring it.
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