I couldn't be happier!
I recently refinanced our Line of Credit Loan with State Custodians and I couldn't be happier. The service was prompt and personal and having one person to deal with right through the process was excellent. Justin's assistance with the loan application was first class and I would recommend State Custodians to anyone.
Excellent and timely service
We recently refinanced our investment loan with State Custodians. Not only did they have an extremely competitive rate and provide a loan with the features we needed, Josh's customer service was outstanding. He provided all the information we needed in a timely manner and was on hand to answer our questions as they arose. Josh has helped make the whole process has been quick and easy.
B from LH
Being a newbie to the idea of a line-of-credit loan, I did some research online and got a good handle on the concept. I’m a bit old-school, so initially I tried for face to face consultation with another lender. I was horrified at the lack of product knowledge that lender’s representative demonstrated during discussions.
Fortunately, I turned very quickly to State Custodians and the process could not have gone better!
I have been guided skilfully through the process by lending specialist Leo, who was able to answer all my questions along the way. He was a great help when compiling all the documents and information required by the assessment team through to formal loan approval.
I was impressed with State Custodians’ commitment to the responsible lending practice of gathering all possible information before determining my ability to service the loan required.
I have not become aware of any unexpected costs. What you see on their website is what you get.
And the interest rate? Can’t really get any better, can it? As an overall package, I highly recommend a State Custodians experience.
Very streamlined process from application to approval
Leo was very professional to deal with and transparent in all our dealings through the whole loan approval process. We are very satisfied with the outcome and experience with State Custodian.
Low account fees and interest rate
Customer service and settlements helped answer all my questions and ensured that all the paper work was completed accurately and in a timely manner. The loan should be finalised in the coming days and I look forward to having little to no account and transaction fees as well as a very competitive interest rate (3.15% pa effective from the 24th of July so I have been told). Haven't used their online banking as yet. As long as the site is user friendly and does the job who cares about all the bells and whistles when the account fees are practically non-existent and the interest rate is so low.
Had a really positive experience with State Custodian in refinancing my loans. The process was fast and effective from application, approval to settlement. Tony really understood my situation and I felt like I was in good hands throughout the whole process. Definitely would recommend them.
A good offer with a prompt service
The offer from State Custodians was quite good; low rate and no application or valuation fees.
Hannah, who handled my application was prompt in her responses and she clarified everything for me. She even pointed out things I may not have been aware of for the future.
I’m happy with the offer from State Custodians and with dealing with Hannah. It was a seamless process.
Seamless online application process
Hannah is obliging and very well informed resulting in a no-nonsense application process. The attention paid to keeping us informed during every step of the process instilled confidence in us that we were in good hands and the rates are very competitive. If State Custodians after sales service is this good we will certainly be back for more.
Great service and quick response
I'd like to thank Tony and the team for excellent service through the whole process of my home loan application, approval and settlement. They were quick, effective and I always knew where we stood. Based off my experience I can highly recommend them.
Unwilling to Negotiate - Exploitation of Loyal Customers
It is with great disappointment that after 7 years loyalty with State custodians, the interest rates being charged on my two loans with them are no longer competitive. One loan has a split component with the P&I portion being 0.17% higher than that for new users, whilst the IO portion being 0.31% higher than for new customers. My rates are also meant to include a 0.2% customer loyalty reduction. Obviously without this reduction they would be exploiting me even more for being an existing customer. My second investment IO loan is 0.8% higher than the rate advertised for new customers.
Both my loans have a $299 annual fee associated with them. This is something new customers do not have to pay.
After contacting the customer support centre, I was informed that SC were unwilling to reduce my rates at all. A call ensued with the SC rep stating they may consider undertaking a manual review if I present then with the rates offered by a different lender. He point-blankly refused to do a manual review on the rates offered by SC. Needless to say, if I am getting rates from an alternative lender, I am not going to try to stay with SC.
I am being left with either paying $4500 a year more to stay with SC or seeking a new relationship with a lender that values its clients. Hardly surprising which option I am going to take.
Arrogant or ignorant?
State Custodians is one of those things that looked good from the outside, but not really when you looked deeper inside. I checked them out, submitted my application and followed it up after almost 1 month of no news and kept getting told "we would contact you back". When I told them "you have missed me many times", I was met with a reply "oh everyone is busy here". It's been 2 months, guess what? Surprise! Still no news!
Stay away. You've been warned.
RBA rate cut still not passed after over a week
Very disappointed, RBA cut the rate over a week ago and it is still not passed to customers.
This is despite that most lenders have passed the cut in full.
Look at which ones did it before getting a loan with State Custodians.
Advertised rates for new borrowers only, subsidised by existing customers
The advertised rates are great, but over time the rate you actually get drifts upwards while the advertised rate stays low. Nowhere did they mention the low rates offered were merely 'honeymoon' rates.
Two days after the latest RBA rate cut the State Custodians website still only has a vague "we are reviewing, we will let you know of any changes" message. I am not expecting to see much of a rate cut, if any. But I'll bet the advertised rate goes down!
Great loan, it's cheap for a reason though
State custodians provided excellent customer service and a very smooth lending process. Their rate is one of the best you can get, but now I've been with them for some time, I have to say I'm extremely disappointed with the RESIMAC-based loan enquiry system.
I have setup an offset account and had the idea that I'd be able to use it like a regular bank account.
I was wrong. The thing is a dinosaur.
Here's a list of everything that's wrong with it:
This is the worst and biggest problem:
YOU CAN'T SETUP AUTOMATIC PAYMENTS TO BANK ACCOUNTS OR CREDIT CARDS
Kiss hands-off money management goodbye and say hello to oldschool online banking, every transaction must be manual (with the exception of direct debit bills)
Here's everything else that's wrong:
1. You have to select a date for payment, if it's after banking hours it makes you select the next day
2. You can't process 2 BPAY payments of the same amount to the same biller within a few minutes of each other - it makes you wait or select a different amount
3. When making payments it automatically defaults to your A loan account not your O offset account, if you make a mistake and accidentally make a payment from your A loan account, you get charged fees
4. There's no mobile application
I could go on, but yeah, you get the idea.
I'm writing this here to prompt the customer service team to do something about it. I've complained directly, but it really needs to be fixed.
Bait, bait and more bait
Despite multiple declarations, including on this site, of not baiting customers - this is exactly what is going on. Only a few months into a loan, and the company yet again has a lower interest number on the front page but NOT FOR EXISTING CUSTOMERS for exactly the same product. Buyer beware.
Great if you're not in a hurry
Our approval took a month. Preapproval is quick but after that things so down. I was told they're just really busy. Kept asking for more documents (we were refinancing). They increased the amount of our loan between application and preapproval without asking me. Then when I pointed the increase out I was told I hadn't applied for enough to cover the refinance. Pointed out I had and they eventually agreed. With all that said it's pretty painless (if you're not in a hurry) and the communication is reasonably good. And in the end I'm going to save 4 years and $50k so it's win/win.
OMG - So stressful to go through the formal approval process with State Custodians. I received pre-approval online as well as from the Lending Specialist a couple of days later after submitting the form. 10 days later I am still waiting for the formal approval document. The lending specialst is helpful but not the credit team. They keep coming back for more information every second day rather asking for it at once .... My settlement is in 10 days. God Help Me. I have submitted everything they have asked for and am still waiting....waiting and waiting....helplessly. Wished they could have told me from the start.
Be prepared for the long..........approval process if you decide to go with State Custodians
From day 1 the customer service assisted me all the way until settlement. Everything has smoothly processed through emails/phone calls. Great service and highly recommended!
It's been a year now and quite happy with the home loan rate :-)
Appalling customer service
Absolutely appalling customer service.Lending department are quick to respond but once they have you no one bothers. Took 6 months and numerous phone calls and emails to vary security for our loan. They have never returned my certificate of title for the original security property and now more numerous calls to get it back. No one ever calls back or sends a confirmation email even when they promise to. No one seems to know what is going on. Most inefficient company ever.
Don’t waste your time.terrible customer service.very unreliable.
I was given pre approval after I went through lots of personal questions.
I produced documented proves of my finacal status,affordability,great credit report.everything good as they requested.
After that I was asked for more documents and private information.again I was told everything was fine.
Then they kept me waiting long time for an answer.when I called several times the person in charge of my application was always avoiding me saying he was not available .
Then I managed to speak to him because he didn’t know it was me on the phone.
He found lots of excuses saying he was to busy with other applications.
Then he said my application was rejected only because my previous year income was not enough.
But my current income is.
So why didn’t he tell me right away before me going through all troubles of gathering all documents?
I got approved by another institution without all troubles I got from State Custodians.
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