Online bids for home loans
BankDirect is again luring potential customers with an online home loan tender, which will run from Monday to Thursday this week.
Sunday, February 11th 2001, 5:10PM
BankDirect is again luring potential borrowers with an online home loan tender.
Between Monday and Thursday this week, potential borrowers can go to the bank's website and nominate the amount they want to borrow (between $150,000 and $1 million) and the rate they wish to pay (with a minimum 5.95 per cent). Successful bidders who meet the bank's credit criteria will receive a mortgage at that rate for a year.
General Manager James Mitchell says the response to the first such tender, run in December, was "phenomenal". However, the total amount offered has remained the same - again, $3 million is up for grabs.
Mitchell said that if the demand for this tender was as high as last year's, the tenders were likely to become a regular channel for home owners to obtain their loan from BankDirect.