Referred my son to State Custodians... Gone down hill massively since the sale to RESIMAC
Terrible customer service.
No longer an organisation that prides themselves on creating a positive customer experience.
Lied to my son that the interest rate was locked in and never was. They have since made no attempt to rectify the issue.
Do not deal with these crooks!
Avoid... Avoid... Avoid
Had to chase my consultant consistently and was told I will come back to you by XXXX and never would.
Was advised to return my paperwork and the rate would be secured. Three months later when paperwork arrives, the rate has changed and State Custodians not willing to honour rate supplied.
Was using my FHOG grant money towards my 20% deposit which meant that settlement was delayed and could have easily resulted in large fines for missing settlement.
Avoid at all costs!!!
Worst service I have ever received.
Repeatedly needed chasing daily to process our home loan. Barely reply to correspondence and continue to blame other parties to their errors e.g information given at the start of application raised before settlement as an issue which is due to leave us homeless and loose money on a services paid for. They refuse to put on to management to make a complaint and we are seeking to complain to the financial ombudsman.
Website Misleading for Self Employed Loans
I called State Custodians, and advised 1st year tax returns done, and second year revenue over 1 million dollars, but because the business isn't showing net income profit for the first year, they can't provide me service. Their website states otherwise. Microsoft net income profit ran at a loss last year, will they turn down Bill Gates?
We business owners get treated like the plague, especially when you go out of your way to make a difference to this planet :) I feel like I should go get a job at McDonalds for 6 months to prove I have a dream job to get a house loan.
Good luck lenders!
False advertising regarding variable rate
We took out a loan with State Custodians last year, and their sales people were extremely helpful. It was a lot of paperwork, but they were prompt and answered questions clearly. One question I asked and got conformation on was that I was taking out a variable rate loan and that the rate would go both up and down. SC telesales people confirmed this. Since then, the rate has dropped twice, and State Custodians have done a sneaky trick both times. They drop their advertised 'variable' rate, but only for new customers. We are still on 3.99, what w...e were initially offered, whist the lowest variable rate with them is now 3.59. I wrote and complained in 4 July 2016, and was told the new rate is only for new borrowers, and it would cost me $1200 to discharge my mortgage and become a new borrower. I wrote to the ACCC earlier this week, I hope they take an interest. When I get time, I'll switch to HSBC at 3.55%, or similar. Be warned, I very much doubt there would be a delay in passing on a rate rise...
- Verified customer
Going nowhere slowly
I contacted State Custodians looking to refinance my existing loans, as their rate was much lower than my current lender. Sadly after four months(!) of back and forth, I am still none the wiser about what is happening with my application. The representative makes little sense - I asked for an 80% LVR and they get back to me saying the lender won't lend against the property, but we could ask them for an 80% loan instead (isn't that what I asked for?), then decides to order more valuations for no reason and tells me they will get in touch when ...those come back, then weeks later contacts me to ask how I'm going with their suggestions (what suggestions??), having completely forgotten about the valuations. To top it all off, many of my e-mails have been ignored outright during the process from multiple representatives and finding out what's going on has been like getting blood from a stone. After having read some of the reviews here I should have realised much sooner - if their service is this bad when you're not even a customer yet, I can hardly imagine how much worse it must be once you are stuck with them. Thank you to the other reviewers for the wake up call - I will get back to them now and tell them they can cancel the four month long process as I will take my business elsewhere.
Run for the hills !!!
Reading the reviews left earlier I see the same story. New customers give excellent reviews as I would have. Once you become a customer look out!! The last two rates have not been passed on. I had these concerns when I first signed up. Discussed with [name removed]. I was assured that my loan was to move with the home loan rates, even though I had an investment loan. I questioned this and was told that they are not the big banks , they don't have the restrictions. When I called to have my loan re-assessed I received terrible service. Left messa...ges. No one returned calls(unlike when I was going through the application process).I finally spoke to someone after being on the phone over an hour that was some sort of manager. I explained what I was promised and was told things had changed. I was told that the the person I spoke with were giving me the correct information AT THAT TIME. I asked If they had morals or could be taken at their word. No reply. I asked if they could raise the interest rate to 10% tomorrow and they said after we inform you, yes. I asked the person on the phone(I think his name was John, I will have to check)if he would stay if he was me. He said he would leave. At least he was honest . They are more than happy to suck you in with lies and low interest rates till you're in, then shut the gates to good rates. It's now costing more than if I would have stayed with my existing lender plus all the costs associated with moving not to mention a yearly fee as a kick in the teeth. Please do your homework if you are thinking of changing to these guys. One you join you become one of us. And hopefully will also review to warn others.
- Verified customer
Scare to do business with them and I have been trying to refinance since April 2016 and still no joy
Well I'm another person who has come to see that Custodian are not what they say they are all stars no glamor. We had great service from the beginning, I guess this is how it works.
I have read many articles that scares us now even doing business with them. (PERPETUAL are the lenders and Gadan like the other comment same deal issues).
We have had nothing but problematic documents issues that should be a smooth and easy transaction for refinancing. We have the home in a Company /Trust for asset protection nothing more than that and seems ...very hard to get this done. So why so long and why the horrible handling of documents either more needed as you go or wrongly done by THEM! not us. We have been waiting since April 2016 to have this refinancing done and still no JOY. I only just received another document yesterday saying please fill this in as the other one was wrong what the hell... Wrong by THEM not us!!!
- Verified customer
Good interest rate. Difficult to access your money. Disgraceful customer service
Can't fault the interest rate. Although it did go up not long after we signed up out of nowhere (no RBA increase). And then I noticed the same loan advertised at a lower rate for new customers than what I was receiving. When I contacted them a couple of times I was given different reasons on why my rate couldn't be lowered by different people.
Their product is not for someone that wants easy access to their money. You don't have 'real time' access to your cash in the offset account. Your given a daily card limit that gets refreshed every bus...iness day. If you take your limit out on a Friday, you wont be able to access anymore cash from your account until it gets refreshed on the Monday night. This never mentioned to me at sign up. I got stuck over a long weekend with bills to pay and not able to access any more than $1000 for 5 days! Now that I'm moving my accounts elsewhere I've once again been screwed over. I organised for our loan to be re-financed along with a new loan for our first investment property. The new banks solicitors sent the loan discharge authority form to them FIVE times before they finally acknowledged they had received it which delayed the whole process. Therefore I wasn't able to settle the investment property on time and now up for almost $600 in default interest in fees because of there zero care factor for customers! All about the dollar and trying to keep the discharge process as drawn out as possible. Would not recommended to anyone.
- Verified customer
Go away.. I am losing money
First of all, some of these good reviews seems dodgy.
Here is my story - I have refinanced one of my investment loan from a big bank to State Custodian last year, I got a 35 basis points better rate from existing. Only after 1 month, state custodian has increased my interest by 0.15% for no reason, then they did not pass 0.25% rate cut last month when big banks did. So, now I am paying 0.05% more interest then my existing big bank loan. Plus I spent about 1000$ for refinance. I called State custodian few times, they did not give me any better ...
- Verified customer
Investors-run from this company! Rip off!
Hi everybody, please stay clear from this company in all means. When I was looking for an investment home loan in September (when all banks already increased interest rate for investors), The State Custodians assured me that they not going to be increasing interest rate for the investors, because they are NOT A BANK and they are NOT OBLIGED to do this. Well I settled with them on 16 November at 4.22%, just to discover that my interest suddenly increased to 4.37% only SEVERAL DAYS later after settlement! They just did it, no letter to inform me ...about this increase, no email, nothing. The letter finally arrived two weeks later AFTER the increase! Can you call it customer service? Talking to the retention team manager lead to nothing. I clear informed her that I was lied about the interest rate for the investors not for increase, and she can check all phone conversations to prove this. She said that they increased interest for the investors in line with BANKS! But, you are not a bank, State Custodians. Now things became even more shocking: The State Custodians did not pass the last interest rate cut 0.25 to the investment loans settled before 1 March 2016. Why? All banks passed this in full. I just talked to the customer "support" officer and he said "the fact that banks passed it to investors does not mean we should do the same". Really, is it a joke?The current Breathe Eazy product rate is 4.27% for the new customers, I am stuck with 4.37%. Same product, but different people having different interest rate. This would never happen in a bank, for sure. Why is such discrimination? Because State Custodians is a money grabbing machine, they will lie to you just to get you in, and then they will do with your loan whatever they want! Westpac bank currently offers 4.24% for one of the investment products, so now I am researching better options, which are plenty on market now, please check [link removed] and you will see by themselves. They also misleading you about discharge cost of the loan, by advertising $300.00 plus legal fees on the internet. They did not advertise as it is: $300.00 plus $308.00 legal fees (total $608!!). By the way when I had my loan discharged with Adelaide Bank (payed off) I payed only $300.00 in total to the bank. My daughter currently looking for a owner occupier loan and she is definitely not going to be a SC customer, neither will I very soon. Stay away, please.
Be caution when you apply for State custodians!
I am in the same situation with Averil. My refinancing to State Custodians was settled in the end of last November. When I was applying for the refinancing, I was told that the interest rate for investment house and for own occupied house will always be the same. To my understanding, what I've got is just like a standard variable that combined owner occupied and investment properties. Today, to my surprise, I was told that they have defined all potions of my loan as "INVESTMENT" and won't receive any rate cut!!! Is this a JOKE, state custodian...s? At the time when I was applying for the refinancing, it is you, SC, used combining loans to attract customers. Now you told me that all the potions are defined as investments!!! I feel like being cheated. Please Be Caution, as Averil said, in a longer run, you won't get any benefit from SC, plus there are no nearby branches and no customer service after work time. Do not forget that you have to pay for a valuation fee of $275 for each of your properties and a package fee of $299 per year.
- Verified customer
INVESTORS AVOID - Cuts not passed on to existing customers.
Forget a positive rating from someone who just got their loan approved. I refinanced over a million for investment property loans under 6 months ago, while the initial rate was attractive and market leading, i now find myself in a position where rate cuts are not being passed on. So within 6 months my loan is already not competitive, and with the likelihood of more cuts quite strong I would avoid this company like the plague. Given the high cost for investors to switch (legals and $275 valuation fee per property) I had hoped I was getting a pr...oduct that was no frills (customer service only mon-fri in business hours, no face-to-face all online or over the phone,very basic internet platform) but would in return stay competitive, unfortunately this is not the case. Along with a package fee, which is just another grab for cash because the package means nothing if the best rates are not passed on. Any initial savings from an attractive entry rate are quickly absorbed by ridiculous valuation fees and legals, many of which I will now have to pay again to get out of this loan. To be honest I should have stayed with the big 4 as when I left I had already negotiated a 1.3% discount. Dont make my mistake, I am now in a position of having to pay to refinance again (very costly) as this product is purely about enticing new customers in, they have no interest in retaining them. Given investors generally do a lot of research prior to switching products, especially to an online lender, I hope this helps many avoid my mistake. New customers always get the best rate, existing get nothing. Regretting my decision within 6 months of changing, dont do it, any savings quickly absorbs by expensive set up and exit fees, I should have stayed with the big 4 who had given me a 1.3% discount and waived all package fees for the size of my loan. POST CONTACT FROM STATE CUSTODIANS AFTER THIS REVIEW- I currently have no loading on my investment loan (started in Nov, 15), which was why I refinanced with state custodians in the first place, and now I have basically been told that I should consider myself lucky that one wasnt implemented. My how quickly things change once you have signed up. To add insult to injury, i have also been told that as my loan is split between my investment properties, and my own home, I will receive no discount at all as the investment proportion of my loan is overriding. and therefore the entire loan will be treated as an investment loan. Setting up loans in this way is the cheapest way to refinance as in Vic you can put up to 5 properties on the 1 mortgage, making refinance much cheaper for entry and exit on legals. All very well and good positive feedback from customers who have JUST had there loan finalised, but it doesnt really tell you anything. Here is my experience only 6 months in from an investors perspective.
Existing Customer - Absolute Rip Off
Stay clear of this lender. They were good when they started and now they have turned into a PROFIT MAKING machine eventhough they are an online lender. They never pass on Interest Rate Cuts and even when they do decide to pass them on, they take forever as they are basically trying to maximize the amount of interest they earn from customers.
Apparently they pride themselves now on Customer Service which is absolutely horrendous and terrible. I was chatting with one of their consultants the other day and basically was asking them ...if there was any decision being made on passing on the interest rate cut to customers and the consultant basically rudely told me that I am an existing customer and told me to call their main number if I wanted to query anything. AS PROOF SEE THEIR STANDARD RESPONSE """State Custodians Official Thank-you for getting in contact with us. A decision has not been made yet, however we will definitely inform our borrowers as soon as we know.""""
Appl without an explanation
Appalling communication and a disgraceful way to end an application by a reprentative of theirs [Name Removed], Christmas Eve 2015 with settlement 5 weeks out!
After three phone calls and a dozen emails and sending all my private & confidentail information through to State Custodians the application went from in progress and yes, yes we can CERTAINLY help you - to "sorry cant help you" from a person by the name of [Name Removed] - for I wanted to apply for a little bit more than 80% LVR Very healthy income, no debts, big deposit and this ha...
Took them nearly 6 weeks to get my loan approved. I have a great credit rating and was able to borrow close to 1M so no idea why it took so long. I had no idea what was happening. The questions I got back for clarification after 1 month I would have expected after 3 days. What a shamozzle. None of their staff seemed to be trained in financial lending. Asking me about expenses that were actually income. Only when I threatened to go unless I got an answer did they suddenly respond. Interest rate then goes up after 10 days. Then when I look on the...website they are offering my original rate. At least when the banks advertise their variable rates you know it is the highest rate they give. With SC it seems to be the other way. A variable rate needs to change for everybody. Nowhere on their website does it say the rate is for new customers only. I am sure the financial services ombudsman would be interested in that little exclusion. They treat variable rates like fixed rates. Extremely poor. I wonder if they pass on any rate reductions to existing customers at all ? First and last time I will deal with a non-bank lender. I have no qualms about changing lenders already. Happy to pay exit fees if this is the way they treat their existing customers. 2 months has already been 2 months too long. May 12th 2016 Update: Really poor that they have still not passed on Interest rate reduction from RBA or even provided an indication of when this will be reviewed. They must think if they delay long enough people will forget. Never seen anything like it even Big banks have provided this information. Will be looking elsewhere if not done quickly.
Backdated interest rate rise after taking the bait of a verytemporary low interest rate.
Don't look at the advertised rate as you'll never see it for long ((bait))! Just got a letter saying we adjust our interest rates from time to time when we see fit??? If I advertise a can of coke for $2 but charge you $5 when you get to the counter its a scam! Stay clear we've only had loan for a seven weeks and ((bam)) increasing loan and we are going to backdate it even though were just telling you now ((morally bankrupt))). Well perhaps ill adjust my lender from time to time as I see fit!
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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