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State Custodians
3.8 from 360 reviews

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeLine of Credit
Loan Start DateJuly 2019
Loan used for:Refinancing
1 comment
Hi Darren, Thank you for your review and we’re happy to read about your refinancing experience and the level of service provided by Justin; we have passed on your comments to him. We also really appreciate the time taken to submit this review. Kind regards, The team at State Custodians

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJuly 2019
Loan used for:Investment Property
1 comment
Hi Sarah, It’s great to read about your experience with refinancing and the service provided by Josh. We have passed on your comments to him. We really appreciate the time taken to submit this review. Kind regards, The team at State Custodians

Five-star process!!

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeLine of Credit
1 comment
Hi B from LH, Thanks for such kind comments and it’s great to read about your experience. We have passed on your comments to Leo and we really appreciate the time taken to submit this review. Kind regards, The team at State Custodians

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
1 comment
Hi Tim, Thank you for the feedback and it’s great to read about your experience. We really appreciate the time taken to submit this review. Kind regards, The team at State Custodians

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
1 comment
Hi Vince, Thank you for your comments and welcome to State Custodians. It’s satisfying to read about your experience so far and hope that we continue to meet your expectations. We appreciate the time taken to submit this review. Kind regards, The team at State Custodians

Seamless refinancing

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.

Transparency
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
1 comment
Hi Jenny, Thank you for your feedback about how positive your experience was, which we’ve also passed on to Tony. Welcome to State Custodians and thank you for taking the time to submit this review. Kind regards, The team at State Custodians

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJuly 2019
Loan used for:Investment Property
1 comment
Hi Ramy, Thank you for your feedback and welcome to State Custodians. We’ve also passed on your comments to Hannah. We really appreciate the time taken to complete this review. Kind regards, The team at State Custodians

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.

Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Investment Property
1 comment
Hi Darty, Thank you for your feedback and we have passed on your comments to Hannah. Welcome to State Custodians and we really appreciate the time taken to submit this review. Kind regards, The team at State Custodians

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.

1 comment
Dear Clive H Thank you very much for your kind words. We strive for excellence with our service and communication so we are delighted hear that we’ve met your satisfaction. Once again thanks for your feedback, our whole team really appreciates it. Kind regards The team at State Custodians

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.

Transparency
Customer Service
Loan TypeVariable Rate
2 comments
Dear Mark M Thank you for your review. We were very sorry to read of your disappointment and regret that we’ve been unable to satisfy your wishes for a further reduction in your rate. Due to the dynamic nature of how funding is obtained, the cost of funding a new loan can vary from the funding arrangements on existing loans. We understand and regret the frustration this causes. We thank you for your loyalty to State Custodians for a long period of time. As we are unable to further reduce the interest rate on your loans we respect your intentions to move on. We hope that after seven years we’ve been able to help you achieve your financial goals, and if you do decide to move on we wish you all the very best for the future. Kind regards The team at State CustodiansThank you for confirmation of your lack of respect to existing customers. I hope all potential new customers take this response into consideration when choosing a future lender.

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
2 comments
Dear Hansen Thank you for your feedback. We are very sorry to hear that you have not had a favourable customer experience and we are truly alarmed by your comments. We would very much like to investigate your situation as a matter of urgency as we pride ourselves on our efficient and professional customer service. Could you please send us your details in a private message or in an email to feedback@statecustodians.com.au so we can promptly look into this? Thank you in anticipation The team at State CustodiansDear Hansen Thanks for the opportunity to speak with you today about your experience and it’s unfortunate we weren’t able to meet your needs for a home loan. We regret we weren’t always able to respond to you as quickly as you had hoped. Once again thanks for your comments. The team at State Custodians

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.

Loan TypeVariable Rate
1 comment
Dear Disappointed, Thank you for your review. We are indeed decreasing all variable rates for existing customers and this will be communicated to you and all of our customers. In the meantime, as always, if you have any questions about your loan including what your new rate will be, please don't hesitate to contact our Customer Care team directly on 13 72 62. Kind regards, The team at 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!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
1 comment
Hi Existing Borrower, Thank you for your review. We were very disappointed to have read your comments. While we can appreciate your desire to learn of any changes to the interest rate on your loan, it is still less than 48 hours since the RBA announced a change to the target cash rate. Please be assured that we will be passing on a variable rate reduction for both new and existing borrowers and expect to be able to communicate this very soon. As a non-bank we are required to consider a number of factors in addition to the target cash rate set by the RBA and need time to do this keeping the interests of our customers front of mind. We do not have honeymoon rates. It is true that due to the way in which our funding is obtained, at times the rates on established loans can differ from rates being offered on new loans. However, it is our aim to consistently provide the lowest rate possible to both new and existing customers. Once again thanks for your comments. Kind regards, The team at State Custodians

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateAugust 2018
Loan used for:First Home
1 comment
Hi Natalie, Thank you for your comments and we’re happy to read about your positive experience with our customer service, lending process and low rate offer. We appreciate your feedback in regards to the online account access. We acknowledge that although it handles the basic requirements, its functionality is limited. You will be pleased to hear that we are working on a new account access platform that will, to use your words, “kiss old-school banking goodbye”. Not to mention it will be a lot prettier, too! We are looking forward to communicating this to all our customers once it’s ready to go. Once again thanks for your comments. Kind regards, The team at State Custodians

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.

Application Process
Timeliness
Loan TypeVariable Rate
3 comments
Dear Landlord, Thank you for your review. We are sorry to read your comments and are eager to understand your situation further as we have not made any adjustments to our rates for new or existing borrowers recently. We are currently reviewing our rates following yesterday’s announcement by the RBA in relation to the target cash rate, but in the meantime if you can please send us a private message with your loan details, or alternatively send us an email to feedback@statecustodians.com.au, as we’d like the chance to investigate your situation. Kind regards, The team at State CustodiansFunny you should mention the RBA, 'The team'. Now you have passed 0.18% of the RBA 0.25% - to guess who?? Again, front page baiting rates for the new customers! Nothing changed for the existing ones. See, if you cared about retaining your clientile at all, you wouldn't have to ask for each individual customer to chase you up begging for a review, you would have done the fair thing for everyone across the board. Very poor form State Custodians. I hope people take notice.Dear Landlord, Thanks for your message. We are disappointed that you feel this way and we wish to clarify that we are decreasing rates for existing customers by exactly the same amount that we are decreasing rates on new loans. Customers do not need to ask for a rate review – the rate reduction it is being applied to all of our variable rate loans automatically. We hope this clarifies the situation, and would very much like to speak with you personally if you remain to be dissatisfied. Kind regards, The team at State Custodians

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used for:Refinancing
1 comment
Hi Nessjez, Thank you for the feedback and we’re sorry that we were not able to meet your satisfaction during your application process. As a low rate lender we are subject to strict policies and accordingly we undertake a very thorough assessment of all applications. However we regret that on this occasion your experience wasn’t straightforward like it should have been and usually is. It’s great to read that overall you’re happy with your loan and the substantial savings you’ll be making. Kind regards, The team at State Custodians

OMG -

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

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Investment Property
1 comment
Hi Bella, Thank you for getting in touch with us. We’re very concerned to hear about your experience with receiving formal approval as this is very different to the normal timeline and process that we have in place. Given your settlement date is coming up quickly can you please either send us a private message or email us at feedback@statecustodians.com.au with the email address associated with your application and we will look in to this for you as a matter of priority. We look forward to hearing from you. Kind regards, The team at State Custodians

Satisfied Customer

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 :-)

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateApril 2018
Loan used for:Refinancing
2 comments
Hi Elmer, Thank you for your review and it’s great to read about the level of service you’ve experienced. Kind regards, The team at State CustodiansWould like to thank State Custodians... 3 days ago, I checked my account online and my interest rate has been reduced :-). didn't expect this but I am so happy :-)

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.

Customer Service
Timeliness
1 comment
Hi Sabrina, Thank you for your comments. We’re very disappointed to read of your experience as we aim to provide the very best levels of customer service to all customers. We would like to investigate this for you. Could you please kindly send us your details in a private message or in an email to feedback@statecustodians.com.au? We look forward to hearing from you. Kind regards, The team at State Custodians

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.

Transparency
Customer Service
Application Process
Timeliness
Loan used for:Refinancing
1 comment
Hi Maurizio, Thank you for the feedback and we’re sorry that we were not able to meet your satisfaction during your application process. As a low rate lender we are subject to strict policies and accordingly we undertake a very thorough assessment of all applications. However we regret that on this occasion your experience wasn’t straightforward like it should have been and usually is. We are pleased for you that you have been able to obtain finance, but would appreciate the chance to review your experience with us. It would be most appreciated if you are able to please send your name and email address to us as a Private Message or via email to feedback@statecustodians.com.au to enable us to investigate Kind regards, The team at State Custodians

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Questions & Answers

On your website, it says: State Custodians variable interest rates across standard* products will decrease by 0.18%pa for existing and new loans on 26 June 2019. *Includes Low Rate Home Loan, Breathe Easy, Peak Performance and Standard Variable loans. For other loans please contact our Customer Care team on 13 72 62. The last sentence seems really dodgy, because it is telling me that there will be no rate cut for a lot of existing customers, as your company is implying there will be separate reviews for existing customers if and only if they call up. However, property prices are in distressed and many customers will likely have unfavorable LVR, and I am going to guess that your company will say there will be no rate cut for these customers. This goes against the will of RBA as the recent rate cut is precisely designed to reduce mortgage distress. In fact, ASX 30 Day Interbank Cash Rate Futures Implied Yield Curve shows that there will be two more 0.25% rate cut this year on August and December (correct as of 14th June 2019). So, can you please honestly tell me, on what basis rate cut is not passed to existing customers. What loan type (Line of Credit, I/O etc)? Does LVR play a role here? This needs to be communicated publicly with full transparency.
1 answer
Dear Lee Thanks for your question, and please don’t fear as all our variable rate customers will be receiving a reduction in rate. The vast majority of our customers have a Low Rate Home Loan, Breathe Easy, Peak Performance or Standard Variable loan and hence will be subject to a decrease of 0.18%pa. The loan LVR, or whether it is a Line of Credit does not impact this. The only exceptions to this are some of our older loans that are funded by external funding sources and loans for credit impaired borrowers. There are a number of different scenarios due to the range of funding sources that apply to these loans. Although they will receive a decrease in variable rate, they won’t all be decreasing by the same amount. Due to the vast array of different scenarios applicable to these loans it is not practical for us to outline the changes on our website. We hope this provides the clarity and reassurance that you’re hoping for. If not, please send your contact details to feedback@statecustodians.com.au and we’ll take a look at your loan for you. Once again thanks for making contact with us. Kind regards The team at State Custodians

Hi Anouska, I have a complaint, I really do not know how to escalate something so I am using this portal as a last resort. I applied for a loan on 17/01/19 and it was conditionally approved this past Tuesday (19/02/2019) because the your agent did not ask for my documents until last week. The verification of the documents have been going on forever now and I have not received any updates from my agent at state custodians. My settlement is on 07/03/2019 and vendors could possibly penalise me for this. Please could you look into this, you seem to be pretty active here in the portal.
1 answer
Hi Kalyan, Thank you for submitting this question. I have also replied to the private message you sent through earlier if you can please refer to that I can arrange for a customer care member to get in touch with you today. Kind regards, The team at State Custodians

Your website states there is $0 valuation fee and $0 ongoing fees for low rate variable owner occupier under 80%LVR home loan (refinancing if that matters). Yet multiple reviews mention $285 valuation fee or similar. Why is $0 advertised on the front page and which one is it?
2 answers
Hi Receiver, I can confirm that there is no valuation fee and also no ongoing fees for the low rate variable owner occupied home loan. Previously there was a valuation fee, but we have since absorbed this recently and there is no charge to the borrower. There are only standard settlement fees that are associated with the legal transfer process. Please feel free to call one of our helpful Lending Specialists on 13 72 62 and they will be able to assist. Thanks, The team at State CustodiansThank you for that, to be more exact, you cover the first $500 of whatever the valuation may cost. If it happens to be over that amount, you charge the balance to the customer. Good to know and good to disclose this somewhere people can see so that you are fully transparent and give a good impression to your clients.

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