ASB removes over-size home loan bid

ASB has removed a $10,400 bid on the internet trading site Trade Me for a home loan deal worth $7900.

ASB is auctioning the interest rate on a one year home loan of $100,000. The bank's current interest rate is 7.9 per cent, which equates to interest payments of $7900 over 12 months.

On Tuesday night a bidder placed a $10,400 bid.

ASB said it had talked to the bidder and confirmed it was a genuine offer.

But the bid was removed because the bidder said he wanted to use the loan for a building development , not a home loan as specified in the advertisement.

The top bid is now $7400.

- NZPA