Superbank hit by price war
Superbank has written about $330 million in mortgage lending since entering the housing market last July despite being hit by the mortgage price war at the end of last year, chief operating officer James Munro says.
Tuesday, June 7th 2005, 8:25AM
by The Landlord
"Our timing for launch into home lending couldn't have been more lousy if we had tried," Mr Munro said this week.The fledgling electronic bank, half-owned by Australia's St George Bank and New Zealand supermarket owner Foodstuffs, was forced to compete when the two-year fixed rate was driven as low as 6.5 per cent during a three-month price war.
In the eight months to March, Superbank had written about $230 million in lending.
"We have done significantly better than that in the subsequent two months."
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