MyState Limited continues to grow despite challenging market conditions, with strong momentum across both its home lending and equipment finance businesses.
While other traditional lenders are reporting declines in home lending, the Tasmanian-based lender — which includes the MyState Bank, Selfco, TPT Wealth and the Auswide Bank brands — grew its home lending book 5.8% to $13.6 billion during the full year 2026, or the year ending 30 June, up from nearly $12.9 billion in FY2025.
Meanwhile, MyState's equipment finance business Selfco also continues to gain ground. The business, which targets Australia’s growing small business market and originates loans nationally through the broker channel, surged 134% during the year to $371 million, or up 235% since the February 2025 merger with Auswide Bank.
MyState Managing Director and Chief Executive Officer Brett Morgan said the group expects to maintain Selfco’s strong growth trajectory, highlighting the scale of the opportunity in Australia’s equipment finance market.
"The appetite is to grow [Selfco] broadly at the same absolute pace, rate that we've been growing it at," Morgan said during Tuesday's conference call with analysts, reiterating comments he made to Australian Broker earlier this year that MyState had made growing its equipment finance business a key focus following the merger.
"The equipment finance business is a nearly $40 billion market in Australia," Morgan said in February. "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."
That growth is translating into stronger overall financial performance for the group.
For the most recent full year results, MyState's core earnings increased 43.9% to $85.8 million, up from $59.6 million in FY2025, while statutory net profit after tax rose 58.0% to $56.2 million.
Morgan said he was "very pleased" with the results.
"It's a good result in what is a highly-competitive market," he said on the call.
MyState's growth story has been shaped by its acquisition of Auswide Bank in February 2025, which brought the two lenders together to create a larger, more diversified financial services group.
“FY26 is our first full-year as a merged group and I’m very proud of the way the team has come together, executed on our key priorities with discipline, delivered strong financial outcomes and continued serving our customers with care and commitment," Morgan said on the conference call.
Since the merger, the newly-formed entity has grown to serve roughly 275,000 customers and is continuing to expand its broker channel, strengthening its reach beyond its traditional branch network. The group maintains branch locations in Tasmania and Queensland.
Looking ahead, Morgan said the group’s priorities include continuing to grow its home lending book while maintaining the strong momentum of its equipment finance business, positioning MyState to capture further market share across both segments.
MyState's home lending results come as Australia's Big Four major banks report a slowdown in residential mortgage activity, with higher interest rates, tighter borrowing capacity and uncertainty following the new federal budget weighing on demand. Executives on the call said that home loan application volumes fell about 7% in May after the new federal budget reveal. But despite the pullback, MyState's home lending book continued to grow over the full year.
That performance stands in contrast to the broader trend among traditional banks, with home lending activity declining across all four majors.
Westpac's third-quarter results earlier this month showed a 20% drop in mortgage applications since the budget reveal. The bank also expects growth in lending to property investors to nearly halve heading into 2027. Also this month, Commonwealth Bank of Australia (CBA) reported a 15% decline in home loan applications in its full-year results. Likewise, ANZ reported a 12% decline in the value of mortgage applications since the budget, even as it posted a $1.9 billion quarterly cash profit, while National Australia Bank (NAB) recorded a 15% fall in home loan applications over the June quarter.
