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.