Bank Direct offers loans for tender

Naming your own mortgage rate is possible in the latest internet 'auction'.

Naming your own mortgage rate is possible in the latest internet "auction".

Online financier Bank Direct has set aside $3 million in its first Home Loan Tender process, starting tomorrow.

Loans from $150,000 to $1 million will be available. The tendered interest rate is for a year. A minimum "reserve" rate has been set at 6.95%, which compares with the bank's current home loan market rate of 7.69%.

Bank Direct claims it is the first online tender of its kind in Australasia.

Tenders can only be made online at www.bankdirect.co.nz/tender before 1pm on December 11.

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