Great experience, simple process
Justin was great to work with, really made things simple and was easy to get in touch with. The ability to send a text message through and get a response was so convenient I will be taking that idea onto my own business. No unexpected costs, and the interest rate was acceptable for what we were looking for. Took a little longer than expected to get everything sorted but that's also on me.
Unfair investment loan rates for existing loyal customers
I have just checked on the website that State Custodians has a rate of 2.74% for investment loans only for new customers with a LVR lower than 60%. It is very unfair to existing loyal customers who are paying their instalments on time even in the existing Covid-19 environment and have their loans lower than 60% LVR.
Applied for refinance in Sept 2019. Got full conditional approval in Dec 2019, except it was for the wrong amount. Poor customer response to queries about the difference, further delays as in asking for re-submission of account history, asked for further information at the 11th hour had to re-set the loan settlement dates due to the extra amount required etc... so by the time settlement happened it was June 2020. If I had realised it would take this long I would've gone elsewhere. Seemed to struggle with property investors.
Best rates and quick response
I was shopping around for best variable rates on the market and state custodians’ rate of 2.65% is very competitive in market without any monthly or yearly fees.
My experience with them was 100% great. I’d definitely say they were thorough and professional with their processes.
My first step started with an online application which gave me an instant pre-approval subject to document verification. I was then contacted by their lending specialist Hannah M taking me through the details of the entire process and what is expected and the timefram...es. I had a parallel application with another bank through my mortgage broker who failed to do their duty properly and I had to panic with less than 10 days to go unconditional on my purchase and I was not even on step 1. That is when the lending specialist came to my rescue following up on my application and then when i told my situation, she ensured that my application will get processed on time.
Started off with great offer, but too good to be true at the end
It's difficult to rate, as my case was handled by 4 specialists. Hence rated in the middle with the goods and bads.
Would like to highly recommend "Justin & Tony" for going above and beyond at the end to help me as much as possible in obtaining the final approval in such short amount of time with all the missing info & documents. Hoping other people can start off with the caring experts at State Custodians to manage thru the entire process.
Unfortunately in my case, the foundation was so poorly handled and managed by the initial specialist i...n the beginning of the process, made it extremely difficult for me to proceed with State Custodians at the end, due to time constraint on an off-the-plan property with the developer and the "way-off/not so ideal" final offer compared to the initial offer. Had my initial enquires and submitted my off-the-plan investment loan application with Sam in Sep-19 to start off with. Was offered 10 years interest only on great rates, with no changes to my current loans, except cutting the 1 out of the 2 credit cards. Since then I have been actively contacting Sam on a monthly basis till late Jan-20 (5 weeks prior to settlement), to ensure the offer was still valid and still able to meet settlement date. However later learnt that Sam left the company, and then learnt more surprises ever since within the weeks of settlement. From disappointing valuation report ($30K down for a 1-bedroom); missing documents on applications that were already provided months ago; to missing investment loan expenses on the initial application, which meant my original loan offer/terms was no where near where it should be with these missing pieces. With these surprises, the final offer ended up: an extra $30K cash out of pocket due to the disappointing valuation (no dispute) + reduction on my current home loan to no redraw ($150K available funds/savings gone) + to cancel all of credit cards + 5 years interest only + late settlement fee charged by the developer + many sleepless nights for weeks.
The reviewer stated that an incentive was offered for this review
Hi ..I have a question for you guys . My rate droppped to 2.80 last month and when I calculate my monthly repayment on different apps, I get 2424 figure wheras State Custodians is charging me 2440. Does anyone know why ?
- Verified customer
Good rates and seemless process
I approached SC for a new investment loan. My Lending Specialist is Leonardo. The rates were good and process was relatively straight forward and fewer bureaucracy compared to a bank. I commend Leo for providing robust update on the progress. When needed he escalated matters and resolved to my satisfaction. He has been very helpful.
Poor performance on every level
I was given a minefield of hoops to go through, delays and excessive red tape to get through which ultimately discourages any success in reducing my interest rate. Very dissatisfied with service on all levels.
Helpful staff. Easy and straightforward process. Right rate. No complaints here.happy to recommend Justin. Whole process took only few weeks from start to finish with everything explained well and in a timely fashion. Cheers
- Verified customer
The BEST Customer Service!
The entire experience is quite daunting for a first home buyer however I cannot fault the support and assistance received from our lending specialist, Charlotte, from the initial enquiry right through to the settlement. She was understanding and empathetic to our fears and concerns. She provided us with the best advice and support we could ever have hoped for. We were guided through each step with the utmost professional nature, and not once were we confronted with anything unexpected. She was patient with my frequent nervous questions, and con...tinued to reassure me at every step! The entire process was so simple! The interest rate was incredible, and very competitive, and for our situation the rate was 1.6% lower then the next financial institution willing to consider our application. State Custodians helped us realise our dream and we are forever grateful. Highly recommended!
Excellent customer service and guidance during my loan process!
My first encounter with State Custodians was a simple enquiry on how to refinance and what products they have to offer. I was guided by Charlotte Morgan through the enquiry. Charlotte was very patient, professional, and did not push me to sign up for a loan. A few days after considering their products, and comparing it with others - I knew that I wanted to speak to Charlotte again and have her guide me through the whole process! Every time I had a small question, clarification, or anything that was worrying me during the process, Charlotte was ...a breath of fresh air and gave me a sense of security and calm. I even called through the general number and asked for her directly - the team was more than happy to assist me, transfer me through or get Charlotte to give me a callback. Overall it was a very pleasant experience, very professional, and very patient throughout the process. I'm very thankful for the world-class service and to Charlotte for being my guiding light in the whole process!
A smooth application and approval process
Leo was fantastic to deal with. The whole process was relatively quick and smooth. State custodians offer acompetitive rate and customer reps such as Leo are knowledgable, friendly, quick to respond and easy to understand.
Best banking experience ever!
I am beyond pleasantly suprised by every aspect of my experience with Satat custodians. From the moment I got on to Charlotte she stepped me through everything in great detail and was prompt following everything up until we got our approval. She keep me in the loop the whole time and I felt fully supported and informed. Not only was it great personalised customer service ( I even had a mobile contact) but the rate was best I could find. Thank you so much state custodians and Charlotte!
The lowest rate you could receive with no hassles and quick approval
I refinanced recently with State Custodians for a variable investment home loan as their rate was the lowest available in the market with an offset facility, no fees and no max limit on additional repayments . The process was very quick and the staff are very polite. They have also passed on the discounts from RBA rate cuts. I would highly recommend them .
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.
stuffed up at settlement and did not want to deal with it
They stuffed up at settlement time and Cora from Settlements did not want to handle it, as it was Gadens that handle settlements for State. Nectaria from Gadens refused to talk with me and Sophie Sheather, her manger tried to cover up for her and was evasive in answering my questions. Only, when I kept asking more questions, she had to come clean. Disappointed in how Sate Custodians handle complaints and did not want to take ownership of the situation.
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 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...
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
Dodgy valuation, poor customer service
State Custodians significantly undervalued a property purchased by me. This has been confirmed by two independent valuations which I obtained externally. I would not go ahead with a loan but time was running out and I had to complete a purchase borrowing some additional money from my friend.
As soon as a loan has been established, i needed to put some changes. Multiple calls and emails went unresponded. So, as soon as you are in, their customer service is non-existent.
January 23rd 2019 Update: No rate changes when all the others dropped thei...r rates Our rate still remains the same for our loan with State Custodians, whereas for all other investment loans we have with different lending institutions it dropped. Your rate is not competitive anymore State Custodians, so we started thinking about refinancing from you. A difference of 0.4 per cent is toooooo high to tolerate it.
Questions & Answers
What is the discharge cost if leaving/distachargin a state custodians variable rate home loan of $250,000 please?
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
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
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.
Customer Feedback T.State Custodians
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.
The team at State Custodians
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