MyState Limited is on a roll.
One year after scooping up Auswide Bank, MyState Limited – which includes the MyState Bank, Selfco, TPT Wealth and the Auswide Bank brands – continues to grow.
The Tasmanian-based lender reported its six-month results for the period ending 31 December 2025, revealing broad-based growth across the business. Profits for the period were $27.2 million, up from $15.9 the year before. That momentum was reflected in the balance sheet, with a home loan book that grew roughly 0.5% to $12.9 billion in the last six months. By brand, MyState's home loan book grew 3%, while Auswide's home loan book was down approximately 4.3%.
"When we merged we took a deliberate decision to focus on the equipment finance business," MyState Managing Director and Chief Executive Officer Brett Morgan, told Australian Broker, referring to the group's Selfco equipment finance arm, which distributes equipment finance through brokers. Selfco surged 64%, year-over-year, to $261 million in the last six months, representing 6% of the company's total profits for the second half.
"Since then, month-on-month, through the past six months, we've accelerated the home loan book growth as a group," Morgan explained. "And more recently, the Auswide home loan book is growing again. Now, Auswide's [home loan book], which was declining, is back into growth mode."
Morgan credited both the February 2025 merger with Queensland-based Auswide Bank, as well as current market dynamics, for accelerating growth and enhancing performance across the business.
"The first-time homeowner's Home Guarantee Scheme and the government changes have helped; we're really strong in that market," Morgan said. "But also, we had some changes in our broker leadership team, and we've brought in some people from the industry who have great experience and great leadership. That's helped us to support building capability and driving momentum in the business."
In July, MyState hired Mark Woolnough as group head of broker, a position that puts him at the helm of the third-party distribution teams at both MyState and Auswide.
Selfco has also achieved greater scale thanks to the merger, Morgan said.
"They had the people, the systems, the processes to be able to grow," the CEO explained. "What we've provided as a group are the things that they didn't have — the funding and the capital — to support the growth.
"And the equipment finance business is a nearly $40 billion market in Australia," Morgan continued. "So it's a very, very large market and businesses continually need new trucks or trailers or equipment to support their revenues. We are just taking more share of that market."
Since the merger, the newly-formed entity now serves 275,000 customers and has moved quickly to expand its broker channel. The group has branch locations in Tasmania and Queensland.
Looking forward, Morgan said MyState plans to continue focusing on growing its home loan book, while scaling the equipment finance business. He added that the group is "a bit underweight" in New South Wales and Victoria. "So we're adding BDMs in New South Wales to support our push and drive to promote our brands in Australia.
"The opportunity for us is to continue to prove that we deliver a very competitive product and price with great service," Morgan continued. "And to do that, we've invested into our broker distribution team and leadership. We're also developing a new loan origination platform that will support us to improve what is already relatively good turnaround times and service into what we have a great turnaround times and service. So we're making a significant investment to support our broker proposition.
"All parts of the economy are performing relatively well at the moment," he added. "It's a great time for brokers to be winning business."
