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State Custodians
Jo.Perth, WA
- 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.
1 comment
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pabloGreater Melbourne (Outer), VIC
- 4 reviews
- 1 like
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...Read more
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.Similar opinion? Write a review on ProductReview.com.au!
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4.9(211)GreigDarwin, NT
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...Read more
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!!1 comment
Customer Feedback T.State Custodians
Hi Greig,
Thank you for getting in touch with us. We are very disappointed to read about your experience as this is not the level of service that we deliver. We sincerely regret that you have been di... Read more
ssatisfied and will conduct a thorough investigation.Similar opinion? Write a review on ProductReview.com.au!
Find out how State Custodians compares to other Home Loans
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Truth revealerSouth East Queensland, QLD
- 12 reviews
- 10 likes
Unethical lender
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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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!
1 comment
Customer Feedback T.State Custodians
Hi Existing Borrower,
Thank you for your review. We were very disappointed to have read your comments. While we can appreciate your desire to learn of any changes to the interest rate on your loan, ... Read more
it is still less than 48 hours since the RBA announced a change to the target cash rate.Similar opinion? Write a review on ProductReview.com.au!
MaurizioGreater Melbourne (Inner), VIC
- 2 reviews
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.
He fo...Read more
1 comment
Customer Feedback T.State Custodians
Hi Maurizio,
Thank you for the feedback and we’re sorry that we were not able to meet your satisfaction during your application process. As a low rate lender we are subject to strict policies and ac... Read more
cordingly we undertake a very thorough assessment of all applications. However we regret that on this occasion your experience wasn’t straightforward like it should have been and usually is.Similar opinion? Write a review on ProductReview.com.au!
Questions & Answers
Jackasked
What is the discharge cost if leaving/distachargin a state custodians variable rate home loan of $250,000 please?
No answers
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
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
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
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
Details
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Customer Feedback T.State Custodians
Hi Jo,
Thanks for your feedback.... Read more
We appreciate that you’re disappointed about our recent interest rates decision and understand your concerns. I wanted to clarify the relationship between the RBA cash rate and our interest rates. Our interest rates reflect our funding costs, which are independent of the RBA cash rate. That said, some of the factors that impact the RBA cash rate also impact our interest rates, which is why there is sometimes a correlation between the two. For the last two cash rate reductions, market conditions were such that our funding costs had not changed sufficiently to warrant an interest rate reduction. Although we consider ourselves to be different to other lenders, this was also the case for most home loan lenders in Australia. We are mindful of those who are experiencing financial hardship, and have supported many thousands of customers with payment deferrals to help them through difficult circumstances. If you would like to discuss your loan further with us, you can contact us directly on customercare@homeloans.com.au. Kind regards The team @ State Custodians