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State Custodians
3.8 from 425 reviews · View Statistics

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Ant

AntGreater Melbourne (Metropolitan), VIC

This is a bad look!

published

So...Resimac (ASX:RMC) have decided to cease new loan business for State Custodians. Meanwhile, as others have posted Homeloans.com.au have been started to get the new loan market leaving existing State Custodian customers to wither on the line as a cash cow for the greater business.

Really these warnings should be placed where Homeloans.com.au customers would read as they will be unaware of the ethical embarrassment they are signing up to.

To be caught up in what I consider an immoral business decision is disappointing. As the loser it’s frustrating.

This decision goes beyond the usual “funding costs” explanation. It’s segmentation and profit maximisation.

Transparency
Customer Service
Incentivised ReviewNo
Loan TypeVariable Rate
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1 comment
State Custodians
Customer Feedback T.State Custodians
Jeff

JeffGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • 3 likes

Was great but now a little disappointing

published

Signed a very competitive variable interest rate loan @ 2.9% for my investment. However, the failure to pass on any of the last two interest rate cuts is disappointing and should stand as a warning to new customers. State Custodians and Homeloans.com.au are both controlled by Resimac. Why are the interest rate decisions different between the two companies? Can a new customer even get a new product from State Custodians? I’ve only had a quick look but the structural changes to the entities and the failure to pass on interest rate cuts suggests State Custodian customers will continue being the losers under this strategic direction.

Incentivised ReviewNo
1 comment
State Custodians
Customer Feedback T.State Custodians
Jo.

Jo.Perth, WA

  • Verified customer

State custodians does not value loyal customers

published

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.

Transparency
Customer Service
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJuly 2017
Loan used forRefinancing
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1 comment
State Custodians
Customer Feedback T.State Custodians
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Lorraine

Lorraine

  • 3 reviews

Unfair investment loan rates for existing loyal customers

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forInvestment Property
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1 comment
State Custodians
Customer Feedback T.State Custodians
pablo

pabloGreater Melbourne (Outer), VIC

  • 4 reviews
  • 1 like

Worst experience I have ever had

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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Gold_Member

Gold_MemberAU

  • 5 reviews
  • 3 likes

Great Rates. Terrible Application Process

published

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.

Incentivised ReviewNo
1 comment
State Custodians
Customer Feedback T.State Custodians
Greig

GreigDarwin, NT

Waste of time

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan used forRefinancing
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1 comment
State Custodians
Customer Feedback T.State Custodians
Sean

SeanMetropolitan Adelaide, SA

  • 2 reviews

Terrible experience

published

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.

Customer Service
Incentivised ReviewNo
1 comment
State Custodians
Customer Feedback T.State Custodians
Mahmoud A.

Mahmoud A.Metropolitan Adelaide, SA

They never call when they say they will

published

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.

Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
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1 comment
State Custodians
Customer Feedback T.State Custodians
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Poor performance on every level

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
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1 comment
State Custodians
Customer Feedback T.State Custodians
Truth revealer

Truth revealerSouth East Queensland, QLD

  • 12 reviews
  • 10 likes

Unethical lender

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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Unwilling to Negotiate - Exploitation of Loyal Customers

published
Transparency
Customer Service
Incentivised ReviewNo
Loan TypeVariable Rate
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2 comments
State Custodians
Customer Feedback T.State Custodians
Mark M.
Mark M.

Thank 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.

Hansen

HansenMelbourne

  • 3 reviews

Arrogant or ignorant?

published

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
Incentivised ReviewNo
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2 comments
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Customer Feedback T.State Custodians
State Custodians
Customer Feedback T.State Custodians
  • Verified customer

RBA rate cut still not passed after over a week

published

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.

Incentivised ReviewNo
Loan TypeVariable Rate
1 comment
State Custodians
Customer Feedback T.State Custodians

Advertised rates for new borrowers only, subsidised by existing customers

published

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
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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1 comment
State Custodians
Customer Feedback T.State Custodians
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Bait, bait and more bait

published

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
Incentivised ReviewNo
Loan TypeVariable Rate
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3 comments
State Custodians
Customer Feedback T.State Custodians
Landlord
Landlord
State Custodians
Customer Feedback T.State Custodians
Bella

BellaGreater Melbourne (Inner), VIC

  • 2 reviews
  • 4 likes

OMG -

published

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
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forInvestment Property
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1 comment
State Custodians
Customer Feedback T.State Custodians
Sabrina

Sabrina

  • 2 reviews

Appalling customer service

published

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
Incentivised ReviewNo
1 comment
State Custodians
Customer Feedback T.State Custodians
Maurizio

MaurizioGreater Melbourne (Inner), VIC

  • 2 reviews

Don’t waste your time.terrible customer service.very unreliable.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan used forRefinancing
See all answers
1 comment
State Custodians
Customer Feedback T.State Custodians
ELJ

ELJPERTH

Dodged a bullet,I guess....

published
1 comment
State Custodians
Customer Feedback T.State Custodians
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Questions & Answers

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

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