MyState Bank

Office address: 137 Harrington St, Hobart TAS 7000 
Website: mystate.com.au 
Year established: 2009 
Company type: banking 
Employees: 650+ 
Expertise: personal banking, business banking, home loans, savings accounts, term deposits, digital banking, insurance, broker partnerships, wealth management, mobile banking 
Parent company: MyState Limited 
Key people: Brett Morgan (CEO and managing director), Tim Newman (GM), Mark Woolnough (head of broker), Mandakini Khanna (chief risk officer), Paul Moss (COO), Gary Dickson (CFO), Andrew Downie (BDM) 
Financing status: corporation 

MyState Bank Limited, a wholly owned subsidiary of MyState Limited, is an authorised deposit-taking institution (ADI) based in Tasmania. The bank serves over 175,000 customers daily and helps clients manage their money and savings with practical banking solutions. 

History of MyState Bank 

MyState’s story began in Tasmania when Connect Credit Union was created from the merger of the Teachers, Police and Nurses Credit Union and the Savings & Loans Credit Union.  

The group’s roots run deep in the local community, with a focus on serving everyday Australians. In 2009, MyState Limited was formed after MyState Credit Union merged with Tasmanian Perpetual Trustees and listed on the ASX. Below is an overview of its important moments: 

• 2003: Connect Credit Union’s demutualisation vote failed 
• 2007: merged with Island State Credit Union 
• 2009: listed on ASX after merging with Tasmanian Perpetual Trustees 
• 2011: acquired The Rock Building Society in Queensland 
• 2014: became MyState Bank after APRA approval 
• 2015: fully integrated The Rock into MyState Bank 
• 2018: rebranded The Rock branches to MyState Bank 

In 2025, MyState Bank and Auswide Bank merged to form a larger group. Together, they now serve 272,000 customers and manage a strong home lending and deposit portfolio. 

MyState Bank’s products and services 

The bank offers a wide selection of banking and lending products designed to make managing money and buying property straightforward for Australians: 

Home loans 

• basic variable home loan: flexible loan with a competitive rate for owner-occupiers 
• special residential home loan: features a 100% interest offset facility for owner-occupiers 
• fixed rate home loan: locks in interest rates for up to five years 
• standard variable home loan: offers flexibility for changing needs 
• residential investment home loan: tailored for property investors with offset options 

Property solutions 

• buying my first home: support and advice for first-time buyers 
• buying my next home: options for upgrading or relocating 
• invest in property: loans and advice for building a property portfolio 
• refinancing my existing home: solutions to switch and save on current loans 
• building my new home: finance options for construction projects 
• renovate my home: funding for home improvements and upgrades 

Its services are supported by digital tools and a local team, helping customers at every stage. MyState Bank has improved its mortgage approval process by using NextGen’s digital lending technology. This makes applications faster and more efficient. 

Company culture and values 

MyState Bank’s culture encourages brave ideas, learning from setbacks and putting people first while staying small enough to care. Staff enjoy a supportive and energetic workplace that values growth, inclusion and real impact across both MyState Bank and TPT Wealth. Staff benefits include: 

• flexible working: part-time, hybrid and remote arrangements 
• leave benefits: parental, purchased annual, carers, community, compassionate and unpaid leave 
• financial wellbeing: competitive pay, super, incentives and staff banking discounts 
• employee shares: pre-tax salary share purchase plan 
• learning and development: leadership, future skills, change management, peer masterclasses, LinkedIn Learning 
• wellbeing support: domestic violence leave, counselling, wellbeing ambassadors, health and safety committee 
• community involvement: workplace giving, volunteering and MyState Foundation programs 
• diversity and inclusion: Belong Committee, advocacy groups, culture advocates, wellness and change networks 

For over 20 years, the MyState Foundation has backed programs for young Tasmanians’ growth and opportunity. The foundation has awarded grants to groups like Home Base, Edmund Rice and Tassie Mums. Staff also volunteer time to support these local initiatives and help build a brighter future. 

About CEO Brett Morgan and key people 

Brett Morgan leads MyState Group as managing director and CEO, joining the company in early 2022. He held senior roles at BNK Banking Corporation and spent 15 years driving digital banking at ING DIRECT. Morgan is supported by a team of key personnel, which includes: 

• Tim Newman manages as GM for lending, overseeing lending, broker and home loan operations 
• Mark Woolnough leads as group head of broker, unifying broker distribution for MyState and Auswide 
• Mandakini Khanna serves as chief risk officer, guiding risk, governance and strategy across regions 
• Paul Moss acts as COO, bringing IT and advisory expertise to operational leadership 
• Gary Dickson directs as CFO, providing senior finance leadership in listed and unlisted companies 
• Andrew Downie specialises as BDM, developing value in direct and broker channels 

MyState Bank, Auswide Bank and TPT Wealth operate as separate subsidiaries under MyState Limited. Its executive team supports shared services while maintaining each brand’s unique strengths and delivery. 

The future at MyState Bank 

In August 2024, Auswide Bank and MyState Limited merged to strengthen their position during a tough year for regional banks. The move came as both lenders faced shrinking profits and tighter margins. Now, MyState Group is focused on broker support, aiming for stronger growth and a more competitive edge. 

Andrew Downie, a BDM at MyState Bank, was named an excellence awardee at the 2025 Australian Mortgage Awards. This award shows his focus on trust, teamwork and new ideas with brokers. His success helps the bank grow and gives clients better service.