New head of broker outlines an ambitious mission statement – time will tell if he can pull it off

When Auswide Bank and MyState Limited agreed to merge their operations in August 2024, it was nothing short of a saving grace for both regional lenders.
Amid a challenging year for the financial services industry as a whole, both companies were suffering from declining profits and tighter margins.
Tasmania-based MyState recorded an 8.3% decline in net profit after tax (albeit from a record year prior) and an 18-basis-point reduction in net interest margin (NIM), per reported annual results.
The situation was worse at Queensland-based Auswide, where net profit after tax fell by over 55% in the fiscal year ending 30 June, with a 46-basis-point NIM hit.
In a 2024 annual shareholder report, MyState chair Vaughn Richtor called the proposed merger an “opportunity to accelerate (the group’s) earnings and growth profile while benefiting from an enlarged balance sheet and increased funding flexibility”.
He stressed that MyState and Auswide “have quality loan books evidenced by their low arrears and loyal customer bases. The proposed merger will also further diversify loan balances by geography and support deposit generation”.
Whether the now-finalised merger will meet Richtor’s expectations or not will be determined in times to come.
As for the merged group’s brokers, MPA caught up with newly recruited head of broker Mark Woolnough (pictured) to find out what’s in store for the third party mortgage channel.
All ears
Woolnough’s immediate focus appears to be on listening to mortgage brokers, not dictating.
“I’ll be speaking with brokers and aggregators with ears wide open to understand how MyState Group can support them more effectively,” he told MPA.
He also intends to reach out to inactive mortgage brokers and aggregators on MyState’s roster “to gain a broader perspective on needs and business challenges”.
Expanding on his priorities, Woolnough outlined six focus points:
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Strengthening existing broker relationships across the country
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Leveraging the increased scale and reach of the merged MyState Group to enhance broker service and product offerings
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Seeking broker feedback to ensure our products and services remain front of mind
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Optimising the way our BDMs from MyState Bank and Auswide Bank serve the broker channel
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Understanding and maximising the unique strengths each bank brings to the broker experience
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Taking the time to understand what truly matters to brokers in today’s environment
He explained that the integration of MyState and Auswide’s third-party mortgage distribution teams is designed to give brokers more options and flexibility.
“Our BDMs will represent both banks and play to each brand’s strengths, giving brokers more options to meet their customers’ needs,” Woolnough said.
Brokers should expect to see enhanced product offerings, including non-residential products like wealth management via TPT and asset finance through Selfco.
Staff will be cross trained to ensure fluency across both banks’ lending products, a move that Woolnough believes will unlock significant value.
“While we have 14,500 accredited brokers and aggregators across the group, only 4,200 are currently accredited with both banks. Expanding this overlap will unlock more value for brokers and their clients,” he explained.
Prior experience
Woolnough’s experience leading lending teams at ING Australia, CoreLogic, and Plenti has shaped his approach to mortgage broker relationships.
“I bring over 20 years of experience leading lending teams in broker-centric businesses. I’ve worked for lenders that fully rely on brokers for distribution – and that focus absolutely continues at MyState Group,” he said.
The broker channel, he pointed out, facilitates more than three quarters of home lending in Australia and is central to the group’s national growth strategy. “That makes this role incredibly exciting and important.”
Woolnough continued: “Brokers spend a significant amount of time simplifying complexity for their clients, particularly around compliance. That’s why it’s critical for lenders to simplify their interactions with brokers wherever possible.”
Woolnough sees small and mid-tier banks like MyState Group as essential to driving competition in the market. He said: “We rely on brokers to expand our national footprint, and in turn, we’re committed to supporting them with great products, responsive service, and real partnership.”
Mission statement
“I’ll ensure the broker voice is heard at every level of the organisation – through surveys, advisory groups, and ongoing direct engagement. Listening and learning will guide how we partner with brokers going forward,” said Woolnough.
The merger with Auswide Bank has, according to Woolnough, created a stronger and more competitive organisation. He believes it has created a stronger financial foundation, increased investment capacity, a broader east coast footprint, greater flexibility in capital and funding, and a continued focus on customer-centric, broker-led distribution.
“I’ve worked with a number of challenger brands and understand what it takes to grow market share in a competitive landscape.
“I’ve learned that embracing an organisation’s purpose – and aligning every part of the business behind it – is the path to performance and engagement.”
He’s also quick to point out that adaptability is key. “I’ve also learned the importance of staying open to new ways of working. What worked yesterday might not work tomorrow. Flexibility, curiosity, and continuous learning are essential.”
It is an ambitious mission statement; time will tell if he can now walk the walk.