Superbank about to roll out home loans

Superbank is a joint venture between Australia’s St George Bank and Foodstuffs, which operates the Pak’ N Save, New World, Four Square and Write Price supermarkets.

While it uses the supermarkets to market its services and uses Westpac Bank’s branches as an agency, it is essentially a "virtual" bank, operating through telephone and the internet rather than a branch network.

James Munro, Superbank’s chief operating officer, won’t say exactly when Superbank’s mortgage product will be launched except that it will be "soon" and about the middle of this year – any day, in fact.

Superbank launched its first product, "Super Saver," in February last year. It offers term deposit standard interest rates, currently 6%, combined with no minimum investment, no fees, no fixed terms and instant access to your money without penalty.

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