MyState set for major broker play in 2022

by Mike Wood06 Jan 2022

MyState Bank is set to continue its expansion on the Australian mainland in 2022, with the stated goal of taking on the Big Four in the broker channel in the next 12 months.

The Tasmanian bank has already made significant steps to capture more broker business, with a new broker-focused team taking up their roles in 2021, with a new CEO and new Chair set to begin in January.

MyState saw a huge expansion in 1FY22, with a 137% rise in applications and a 100% rise in settlements over the winter, making them one of the fastest growing lenders in Australia.

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“The results of the first half of this financial year speak for themselves,” said Blake Albones, heado f lending distribution at MyState Bank.

“The next six months are going to set us up for a solid result: we’ve built the foundations on the Eastern Seaboard, particularly in New South Wales and Victoria, and we’re starting to see those results come in. It’s been a really solid start to our strategy.

“The difference between product and policy is minimal at the moment, what we’ve been able to do – and consider that 100% of all new loans that we are writing on the mainland are new to bank customers – is ask the brokers to trust us.

“As we build more trust through more brokers, we’re going to see those figures increase. The trust component of being able to use a digital platform but still have the ability to talk and negotiate with humans is playing right into our hands at the moment, and that’s fantastic.

“MyState is a fully functional bank, and whether we’re going to be compared to a Big Four bank is irrelevant because I don’t think we’re ever going to get to that size – it’s not our ambition.

“Our ambition is to be a fully functional bank with a great digital offering to the customers, and to provide another option. At the end of the day, the customer doesn’t go to the broker for a NAB loan, a CBA loan or an ANZ loan: they need to satisfy a need and MyState can provide that.”