- Verified customer
State custodians does not value loyal customers
On 4 March 2020, the RBA reduced the cash rate by 0.25 and this was duly passed on. But they refused to pass on to variable rate customers the reduction done by RBA of 0.25 on 20/03/20 and 0.15 on 4/11/20. This is a total of 0.4 not passed on to variable interest rate customers. Instead they are offering us to fix our loans like it is a better option in the current situation. We all live in the same world that has financial issues for the moment. Be fair in your dealings and kindly pass on the savings to your variable interest rate customers. That is the whole idea of a variable rate to move with the trend of the RBA.
Worst experience I have ever had
Do not go within a bulls roar of this company.
This company is a wholly owned subsidiary off resimac who are just as bad or worse
My ex and I borrowed $321889 from state custodians in approx 2013. In January 2019 my ex and I separated. I am the primary borrower on the account. We had never missed a payment or made a late payment. indeed at separation there was $60,000 plus in the offset account. Due to legal costs this was run down quite quickly. My wife was able to transfer $20,000 into the offset account, repayment of a loan until we could s...ort out property settlement. She then said it was a mistaken transaction and asked her bank to reverse the payment. Due to legal costs there was only a couple of hundred dollars left in the account. In Oct 2019 State custodians simply reversed the payment without my knowledge or even a phone call leaving the mortgage $19700+ in arrears. The first I knew off it was when I received a letter from a collection agency stating that your mortgage was $19700+ in arrears and plus hefty fees if the arrears are not cleared with 30 days we will be exercising our power of sale. I rang them to find out what was going on they refused to talk to me, the gave me no information were extremely evasive then refused to even talk to me. I was forced to sell share at a loss to cover the arrears. I made a complaint to A.F.C.A but as a result of their evasions and frankly lies the matter has still not been settled. Trust me DO NOT Borrow a penny from this company their customer service is disgusting. EVEN if a broker recommends them DO NOT borrow from this company, there are better companies with cheaper rates available. Plenty of them. Make absolutely no mistake I can not empress upon you enough how toxic this company is.
Great Rates. Terrible Application Process
All banks have policies for their due diligence, but State Custodians are beyond reproach; it is so excessive in comparison to other lenders. I keep wondering what the costs of these procedures must be.
It could be argued that a more thorough checking procedure is prudent, but asking for random and negligible documentation ad nauseum is a strange way to gain customers.
My documents are all signed but the requests keep coming. I feel that I have gained a master.
Waste of time
After applying online, then being lead through the application process, I was made to wait over 4 weeks without any advice on the progress of my application? After eventually calling numerous times and emailing, I received a return email from my so called "loan application manager" advising me that she just noticed there were two key elements missing from my application, and could I send them through and she will forward my application for appraisal! Ofcourse I immediately responded with my feedback, also letting her know that I won't be persui...ng my application any further, to which she replied; yes I sincerely apologize that it was entirely my fault that your application has not been completed and forwarded before now" Great, thanks for wasting hours of my time that has amounted to zero!!
Please think twice if you want to sign up your loan with SC.
I realised there were reoccurring unauthorised transactions from my offset account. They admitted that it was their mistake but nothing was done. I have been waiting for them to refund my money for over 2 months, despite lots of follow up emails and phone calls. Complete waste of time.
They never call when they say they will
Terrible customer service, I had to chase them up to process my loan even though they got all needed documents they requested. Called more than 4 times to find out what's happening, everytime I get promised to receive a call back but I never did. I ended up emailing them to cancel my application and I will be going with another lender, yet didn't even reply this email which was a week ago.
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.
SC asked my internet banking log in details and recording unfair loan consent over the phone. Refused their unusual loan process so withdrew the loan application half way through and found out from next lender who advised me SC loan declined instead. Stay away from this lender or will leave you bad credit history.
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.
- 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!
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
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.
Dodged a bullet,I guess....
I have never taken out a loan before and truth be told, I don't know much about the process or the details involved.So when I rang State custodians looking for a pre-approval for a home loan,I expected to be guided through the process. Instead I was met with a not-so-helpful loan specialist who instead of helping me out,ridiculed me. That I could sense from her tone. Safe to say,she didn't have a good telephone manner.
Then it took me ages to figure out how to put in an application for a pre-approval on their not-so-user friendly website. Wh...en I finally did,I was promptly rejected. I must have made some mistakes with regards the declarations in the applications but instead of helping me correct them,I was just turned down. By comparison,U-bank's application for pre-approval process took me only 5 minutes. Their loan specialist then called and after a chat,approved me for a good sized loan. I have been approved for loan by other banks too,given that my credit rating and other aspects are quite good.But not by state custodians. But now, I firmly think that I dodged a bullet. If their pre-sales customer service is rubbish,I shudder to think how their post sales customer service might be.
Terrible don’t bank with them
Up their interest rate quickly and charge a $299 annual fee that they give you no warning is coming out because apparently everyone can remember the date the anniversary of the date they signed up. Then if the extra $299 they will still not notify you they have attempted to take the money but keep trying and keep charging you a $55 dishonour fee every time they try. So you can be completely oblivious and be racking up a debt!! Disgraceful. Will be leaving this bank ASAP.
80 days and counting
80 days since our initial "indicative online approval" and still waiting for formal approval. You are unable to speak to the decision maker which causes excessive delays. Even with less than 50% LVR, we have been made jump through far too many hoops. Despite priding themselves on outstanding customer service, I'm yet to experience it. Should have read reviews prior to submitting application.
Trying to get a home loan
So far experience has been horrible, lender didn't understand how salary sacrifice works, i've provided proofs of identity but none have been sufficient, they want proof of perm visa status (now have to go fishing for this, maybe pay for new passport/PR $300-400 + time) the medicare, car license, passport (although expired) was not good enough even though they first said it was (you'd think proof of AUS drivers licence/med card would suffice requirement), feel like someone is playing games, starting to have some regrets, CBA wasn't this much trouble, and i haven't even got to the final application form. I have to be honest it hasn't been a nice experience.
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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