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Hold on to your hats as BankDirect kicks off an online mortgage tender, with $3 million worth of loans going to the highest bidders.

Tuesday, December 5th 2000, 2:27PM

by Paul McBeth

Hold on to your hats for the Home Loan Tender, as BankDirect hands out loans to the highest bidders.

The virtual bank's latest marketing effort is an online mortgage tender, with $3 million worth of one-year, fixed rate mortgages going to those borrowers who make the best offer.

Interested borrowers will have to put in a bid for at least 6.95 per cent (BankDirect's current one year rate is 7.75 per cent) and want a loan of between $150,000 and $1 million. The mortgage tender runs over the next five days.

Other pre-Christmas ploys from mortgage lenders and brokers have included the Quick Start Home Loan from Cairns Lockie, Mortgagenet's Jumbo loan for the bigger borrower and a couple from Wizard Financial Services - the Rate Breaker and Essentials loan (a no-fee "switchover" product).

Paul is a staff writer for Good Returns based in Wellington.

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