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State Custodians

State Custodians Questions & Answers

3.8 from 425 reviews · View Statistics

31 questions from our users

Jack

Jackasked

What is the discharge cost if leaving/distachargin a state custodians variable rate home loan of $250,000 please?

No answers
John N.

John N.asked

Has anyone had their interest rate increased above what they are offering new client. Eg Mortgage rate now is 2.58%
Anyone paying more than this rate.
let me know
thanks

1 answer
pablo
pablo

Hi John I would urge you to read my last review about this company. They have admitted that they made an error in reversing a payment my ex partner made and put my mortgage in arrears to the tune of $19,700.00 plus Without notifying myself as the primary borrower. The matter has been with A.F.C.A for over 6 months and both State Custodians and A.F.C.A have delayed, evaded etc etc. If you don't have a loan with them Make Absolutely no mistake. STAY WELL CLEAR.. by the way State Custodians is a wholly owned subsidiary of Resimac. You need only look at the reviews people have posted about Resimac to see who you are/will be dealing with. Plus there are better rates available elsewhere. Hope that Helps. Cheers Paul

Lynette

Lynetteasked

What is State Custodians LVR on units more than 6 levels in Potts Point in Sydney. Do you lend up to 80% or 70% of the purchase price.

1 answer
State Custodians
Customer Feedback T.State Custodians

Dear Lynette

Thanks for your question. In general we can lend up to 70% LVR on units in metropolitan areas, however with Lender’s Mortgage Insurance we may be able to lend above 70% LVR. Please note that we would need the address of the property to provide a more definitive answer, so please call us on 13 72 62 and one of our Lending Specialists will be able to assist you.

Kind regards
The team at State Custodians

Andrew W.

Andrew W.asked

Does state custodians do cross collateralised loans?
We want to refinance but our investment property loan is partly secured by our owner occupied house.

1 answer
State Custodians
Customer Feedback T.State Custodians

Hi Andrew,

Thank you for the question. Yes, we do offer this option as well as other loan structures that may be beneficial to your situation. One of our Lending Specialists will be able to help you with this.

It is best to give us a call on 13 72 62, alternatively you can send us a message through our website - https://www.statecustodians.com.au/contact-us.

We look forward to speaking with you.

Kind regards,
The team at State Custodians

Steeden

Steedenasked

Does State Custodians promise you one interest rate and when you re-finance with them, proceed to raise your interest rates after a few months like many others, for instance...??

1 answer
State Custodians
Customer Feedback T.State Custodians

Hi Steeden,

Thank you for your question.

As a long-standing business with thousands of happy and loyal customers, please be assured that this is not behaviour that we engage in. Due to the nature of the variable rate there are times that it will fluctuate in line with market factors, however, we pride ourselves on being able to offer our customers among the lowest variable rates in throughout the life of the loan.

If you have any further questions it would be best to call us directly on 13 72 62 and speak to a Lending Specialist who will be able to help you, or you can send us an email at feedback@statecustodians.com.au and we can arrange this for you.

Kind regards,
The team at State Custodians

Hugus

Hugusasked

WHere can you get money out with State Custodians without charge?

1 answer
State Custodians
Customer Feedback T.State Custodians

Hi Hugus,

Thank you for your question. There are a number of ways you can access your available funds. The loan comes with a free Visa Loan Access Card that can be used to make purchases via EFTPOS or withdraw cash via ATMs. Four banks that do not charge ATM fees are CBA, NAB, Westpac and ANZ. Other ATMs will advise you if there is going to be a transaction at the time of use.

You can also transfer funds available funds into your nominated bank account, or make bill payments using BPAY.

Please let us know if you have any further questions.

Kind regards,
The team at State Custodians

Lee

Leeasked

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
State Custodians
Customer Feedback T.State Custodians

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

Kalyan Kumar

Kalyan Kumarasked

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
State Custodians
Customer Feedback T.State Custodians

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

Receiver

Receiverasked

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
State Custodians
Customer Feedback T.State Custodians

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 Custodians

Receiver
Receiver

Thank 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.

Sasha

Sashaasked

Hi there, I`ve applied for a home loan with State Custodians 2.5 years ago.. back then I saw a note that if you stay with SC for over 5 years you get a further 0.25% interest rates reduction. Can you please confirm if this information is still valid? thanks

2 answers
State Custodians
Customer Feedback T.State Custodians

Dear Sasha,

Thank you for your question.

This was a promotion that ended for new customers as at 28 August 2015 and was a reduction of 0.20%. If your loan was taken out before that, then yes you will still be eligible for this promotion. Our Lending Specialists actively monitor this and take the appropriate steps when the 5 year mark is reached. If you can please send us a private message with your details we can confirm everything for you.

Kind regards,
The team at State Custodians

pablo
pablo

Hi Sasha,
i applied for the same loan as you. IE 0.20% rate drop after 5 years. on march 22 2018, after I reminded them that the 5 years loyalty rate drop was due. They did reduce the rate by the 0.20%. Now it's 15 May and i'm reading a letter from them dated 04/May 2018 and they are putting my rate back up by 0.09%. I have never missed a payment and in 5 years have managed to build up redraw of $21K+ and over $60K in the offset account. They "CLAIM' it's changing market conditions. They ate a non bank lender so APRA regulations don't apply. I have been on hold trying to talk with them for 41.39 minutes so far. it's now 5.31 pm so i rang before the advertised 6 pm knock off time. I gave them a GREAT review for passing on the rate. I have also sent 2 others to them who have taken out over $1 Million worth of loans. they don't care. Reduce home loans have full service loan @3.39% and 3.49% tic toc have loans @ 3.52 with ZERO application fees. Hope that Helps. Good Luck, STAY AWAY from state custodians.
In the interest of fairness I would like to update my previous note.
I ended up sending state custodians an e mail to explain why I feel aggrieved in relation to the rate increase and to be fair they did call me the following day and have put my re instated my interest rate. I did, however gain pre approval from another lender prior to sending the e mail. Had they decided not to re instate my rate I would have gone ahead with the refinance.. Importantly if you or anyone else does decide to refinance it is important to keep the same discharge date. IE i would have re financed for 20 years as opposed to the 25 year term I have with state Custodians. That means that if I was foolish enough to make just the minimum payment each month I would still have the loan re paid within the same time period. Some people fall into the trap of re financing their loans for 25 or 30 years after they have had a loan for years already. Effectively leaving themselves with a 35,40 or 50 year mortgage.
Always try to pay more than the minimum, make payments more frequently and pay at least 1/2 of any windfall funds, ie tax returns etc you get off the mortgage.Try to do the same with any pay rises you get. I find it easier to make extra payments if I think of what it would be like if I didn't have any mortgage to pay. For me that is a huge motivator. But I also get that no one should have all their financial eggs in one basket. So I also contribute extra to my super and have a share portfolio which I started by using money saved on not smoking cigarettes and not buying my lunch. I'm not a huge wage earner Just a tradesman in the construction industry. But by having the extra funds I am also able to say to lenders that I am a zero risk borrower which give a borrower a great negotiating tool.
Hope that helps.

Paul Smith

Paul Smithasked

Hi there do you provide line of credit loans? [email removed]

1 answer
State Custodians
Customer Feedback T.State Custodians

Hi Paul,

Yes, we do provide line of credit loans. You can find out more information here - https://www.statecustodians.com.au/line-of-credit - including our terms and conditions.

Please let me know if you’d like to speak with one of our Lending Specialists.

Kind regards,
Blake

PT18

PT18asked

Hi guys,

Can someone please advise which bank/ATM we get access to with SC?

TIA.

2 answers
Cat
Cat

Hi. Seems to be linked with Westpac. My offset account I get through State Custodians is with Westpac.

PT18
PT18

Thanks Cat!

Glen

Glenasked

Hi all,
I'm considering refinancing. The reviews are generally good but if there is one consistently poor theme State Custodians seems to get hit with its that they delay passing on or uplift the new applicant rate shortly after signing. Really worrying and a deal breaker if its the case. My question is for anyone who has a VARIABLE LOAN with them today 17 APRIL 2017. The SC site is quoting a 3.64% (3.67% comparable) rate today.

Be keen to know what rate SC is actually charging it's normal customers. SO what are you paying and when did you join SC? cheers

4 answers
Nadine
Nadine

Hi Glen we settled our loan on 11th April 2017 and the rate we have been given by SC is 3.89%, which for us was 1% below what we were paying. I hope this helps

Glen
Glen

Thanks Nadine. It does seem as though they don't pass on their advertised rate the full amount though. Bit of deal breaker I'm afraid. Thanks again!

Peter L.
Peter L.

Hi Glen, I've been with State Custodians for about 1.5 years also after refinancing to them. During that time, the Reserve Bank cash rate has gone down or stayed steady. In my experience, State Custodians is just like the other banks. When most of the other banks (certainly the big 4) did not pass on a full rate drop, or increased rates out of step with the Reserve Bank (especially for investment loans), State Custodians did too. Just recently they increased my investment loans by 0.25% and owner occupied loan by 0.05% in line with the other banks last month, but out of step with the Reserve Bank. So in the end - yes they do increase rates when the Reserve Bank does not, and when the Reserve Bank drops rates they don't always pass on the full rate drop - but this seems in line with what the other banks are doing, certainly the big 4. As a result I think it's worth refinancing every few years (if the refinance costs are worth it) to get the lower market rate, and I don't think State Custodians are particularly good or bad as an option - they are just like the other banks. If they happen to provide a good loan product at a good rate at the time you're looking to refinance, I would consider them.

Bec88

Bec88asked

Hi
I'm enquiring about a home loan, I've read fantastic reviews on state custodians . My partner and I do not have the best credit although will have around a $30k deposit. What are Our chances on approval ?
Thanks
Rebecca

1 answer
pablo
pablo

Hi Bec, Good on you for seeking advice about buying a home. I am a customer of State Custodians. I would not recommend them for a variety of reasons which you will find in my review. More importantly though is the fact that you have poor credit and just $30K as a deposit. That tells me that managing money is not a strong point of yours. Firstly sort out your credit issues or the only people who will lend you anything is a "non conforming lender" Think 7-9%+ as an interest rate, double the most expensive bank loan costs. Secondly you need more than $30K for a deposit, unless your buying a caravan. $30K won't even cover the stamp duty and legals in most states. The greater the deposit the better the interest rate. Live off 1 salary then put the other, with your deposit into a high interest online savings account. If you can't afford to live of 1 salary then you should not be taking out a mortgage unless you have AT LEAST 4 months of living expences tucked away. In any event you are trying to buy at the very peak of the cycle. If you buy now there is a real chance that your home will be worth less than you paid in 12-18 months. Everyone is cracking down APRA, ASIC, the banks. You need at least 20% of the purchase price as a deposit to avoid expensive mortgage insurance, which DOES NOT protect you, it protects the lender. Then a further 5% for other costs. Get rid of all other loans and do what all home buyers do SAVE. That means 12 months or so of no lattés, manicures, shopping for anything other than food, no new mobiles as soon as the contract is up, no buying lunches, no restaurants, no clubbing with the boys or the girls, no new cars, no expensive holidays just a boring life, for a while. Again if you can't do that you should not be taking out a 25 - 30 year commitment. I know it seams harsh but it is the best way. For all those who will seek to berate me, come up with a better idea. Hope that helps Bec88. I wish you the very best of luck, there is nothing quite like putting a key in a lock to a home that you own. Cheers and all the best Pablo.

OrphEen

OrphEenasked

Hi I was just wondering if you do guarantor loans? My wife and I really want to own our own home but simply don't have anywhere near enough savings put together for the necessary deposit and we don't want to get priced out of the market by the time we have those savings. She has a couple of defaults on her file so we are also not confident in applying through a bank.

1 answer
State Custodians
Customer Feedback T.State Custodians

Hi OrphEen, we would really like to be able to assist but unfortunately we do not offer guarantor loans to suit your situation. You are probably best to seek the assistance of a good broker who will be able to determine what options you have without having to apply and getting enquiries on your credit file. If you decide to continue saving for the deposit, please get in contact with us and our Lending Specialists will be able to help determine how much you need to aim for.

Henry

Henryasked

Help me understand
Why recent rate cut has not been passed on to existing investment loans? I have 2 investment loans with SC anf i am frustrated on traeting people with disrespect.
Henry

2 answers
State Custodians
Customer Feedback T.State Custodians

Hi Henry, at the last RBA rate change, the interest rate on variable investment loans that settled prior to 1 March 2016 remained unchanged. The decision was made due to changing market conditions. Borrowers with investment loans with most lenders have been impacted similarly. We are happy to discuss your individual circumstances so please call our Customer Care team on 13 72 62.

mooched_4
mooched_4

hi there, i just checked my home loan and i didn't get a rate cut a few months ago and am wondering if you will pass anything on this time either? your rate is no longer competitive and given i'm in the market for another loan on another unencumbered property i don't understand why i should stay?

munchinks

munchinksasked

Hi, I have put down a 10% deposit on a $363K block of land which will be titled in 2017, and am currently looking for a home builder for my first home. The home build would cost me around $260K, totalling to $623K. I am only able to afford a 10% deposit, and currently earning $85K/ annum including super, with no debts whatsoever. This means that I may need to borrow around $560K for my house and land. So my questions are:

1) How much am I able to borrow based on my salary?

2) Can the cost of LMI be capitalized into my loan?

3) What is the best rate that I can obtain from you?

4) Can I get a pre-approval letter from you, and how long is it valid?

Thank you!

1 answer
State Custodians
Customer Feedback T.State Custodians

This sounds like a very exciting prospect! You have done well saving a 10% deposit. Unfortunately the calculations you are after are not that simple and we would need more information to be able to answer your questions. You can call on 13 72 62 to speak to one of our Lending Specialists or email the above to ask@statecustodians.com.au along with your best contact details. They will be able to do all these calculations over the phone so you don't need to wait long to find out what you need to know. Looking forward to hearing from you.

averil

averilasked

Please tell me the full rate cut will be passed on like it has been with all the big banks already. I ignored negative feedback about this not happening, letting all the positive feedback out weigh the bad. Please tell me the full rate cut is being passed on to all customers and the benefit of refinancing with state custodians isn't lost, especially considering state custodians make you pay for all your valuations?

8 answers
State Custodians
Customer Feedback T.State Custodians

Thank-you for getting in contact with us. A decision has not been made yet, however we will definitely inform our borrowers as soon as we know.

averil
averil

That doesn't sound very promising, and given this rate cut was no surprise, I find it surprising that your pricing committee wasn't in a position to respond after the announcement. When will a decision be made?

Nirbs
Nirbs

Hi, I am existing State Custodian Customer, I have received a letter only 1 month after starting my loan that the interest rate is increased by 15 basis point during last Oct-Nov. I didn't see any reason of increasing the interest, when no big banks had increased rates during that time.
I called State Custodian today about passing rate cut, and they said they are still making decision if the rate cut will be passed or not. If the rate cut is not passed, I don't see any benefit of my refinancing my loan from big bank (which I did last Sep).

SG89

SG89asked

Hi we have had a few things on our credit it's been paid of now for about 2 years nearly and just paying of a small thing I didn't no about . We need to get a home lone as we have a new baby and we like a home for our son. Just need help getting a home lone can u help?

1 answer
State Custodians
Customer Feedback T.State Custodians

Sounds like you have been working hard to improve your finances. We have home loans that allow for bad credit but in order to determine if we are able to help we need more details from you. Can you contact us by calling on 13 72 62 or email ask@statecustodians.com.au and one of our Lending Specialists will be able to discuss your options.

mick7

mick7asked

I work for a building company and with my discount the price of a new home is $155,000. l have purchased a block of land and titles will be issued at end of April which l have to pay for (land cost is $115,000 which l have paid deposit of $5,750 and by the end of April l will have $47,000 saved. l have no debts whatsoever and the package is $270,000 and would like to know if l am eligible for a loan over 15 years. My gross wage annually is $83,000.

Thanks! Mick

1 answer
State Custodians
Customer Feedback T.State Custodians

Hi Mick, sounds like you are well on your way to building a home of your own! To fully assess your ability to lend as well as what options are available for a home loan, we would need to go through your situation in more detail. Can you contact us on 13 72 62 or email ask@statecustodians.com.au and our Lending Specialists will be in contact to discuss your options.

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