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.
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.
- Verified customer
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...
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
- Verified 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 :-)
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.
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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