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State Custodians
3.8 from 425 reviews · View Statistics

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Jo.

Jo.Perth, WA

  • Verified customer

State custodians does not value loyal customers

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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.

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pablo

pabloGreater Melbourne (Outer), VIC

  • 4 reviews
  • 1 like

Worst experience I have ever had

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Ebi

Ebi

  • 3 reviews

Montly payment

published

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 ?
Ebi

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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.

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Greig

GreigDarwin, NT

Waste of time

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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.

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Mahmoud A.

Mahmoud A.Metropolitan Adelaide, SA

They never call when they say they will

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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.

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Poor performance on every level

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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.

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SandJ

SandJ

  • 2 reviews

Easy Process

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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

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Cheap rates, helpful staff

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State Custodians offered competitive rates and the application process was pretty simple and they didn't demand intrusive levels of paperwork (some lending institutions want details of all your bank accounts).
Staff, especially Leo, were very helpful and patient at addressing my many queries as it was my first mortgage.

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LIONEL D.

LIONEL D.

  • 2 reviews
  • 1 like

Great customer service and very good rates. No hidden catches

published

The customer service provided were second to none, i was impressed by the whole experience. There were no extra or hidden costs, very satisfied with the loan and it is now the second property i have refinanced with them.

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J Quinn

J QuinnSouth East Queensland, QLD

Good rate but requires a lot of work to get through

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We found State Custodians to have a very competitive rate and good products that met our need to release some equity in our property for future investments. I'm not sure if it is a reflection of their risk appetite, but they require a lot of documentation (around 20 documents in our case). But Justin our service representative was very responsive to helping use through the process and ensuring we clearly understood the product. We had also read through these reviews previously and understood that the process could take a long time (which for us it did). However in our case that wasn't an issue. I'm sure in other instances they could speed up the process as long as you have all your documentation in order.

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Helloeverybody

HelloeverybodyGreater Melbourne (Metropolitan), VIC

Competitive interest only investor rates

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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.

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Vince R

Vince RGreater Melbourne (Metropolitan), VIC

  • 3 reviews
  • 1 like

Low account fees and interest rate

published

Customer service and settlements helped answer all my questions and ensured that all the paper work was completed accurately and in a timely manner. The loan should be finalised in the coming days and I look forward to having little to no account and transaction fees as well as a very competitive interest rate (3.15% pa effective from the 24th of July so I have been told). Haven't used their online banking as yet. As long as the site is user friendly and does the job who cares about all the bells and whistles when the account fees are practically non-existent and the interest rate is so low.

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Unwilling to Negotiate - Exploitation of Loyal Customers

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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.

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  • 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.

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Loan TypeVariable Rate
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Advertised rates for new borrowers only, subsidised by existing customers

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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!

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Natalie T

Natalie TWide Bay-Burnett, QLD

Great loan, it's cheap for a reason though

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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
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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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