Superbank hit by price war

"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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