Increased interest rate few months after the approval
We just had our loan approved with SC this August 2015 for 4.09%. When I logged in to the system and check the statement for November 2015 I noticed they increased our interest rate to 4.24%. VERY DISAPPOINTING as you offer new clients for 3.99%. I understand that you got promos every now and then to attract new clients, but a sudden increase in our interest rate without any notice after few months of approval is UNACCEPTABLE. Now I’m really worried because SC might do this again to us specially if they got low interest rate promos to catch up with their loss.
Increased our loan rate without telling us.
I have had a loan with this company since Feb 2013. Initially we had a good relationship with them. Indeed we have recommended 2 other people whom have subsequently taken home loans with this company. I was checking my future B'pay bills and to my surprise I noticed that they had (without telling us) increased our loan interest rate by 0.15%. Strangely I had asked them just 1 week ago to confirm in writing that we are still eligible for the 0.25% loyalty rate reduction after 5 years, Feb 2018. Ironically we could refinance with State custodia...ns or at least 4 other lenders now at a 0.45% lower rate than we currently pay. So if they do not return our interest rate to what it was 4.19%, we will go elsewhere. We Have NEVER missed a single payment, have over $120k available to redraw and a greater amount in shares. Yielding more than our loan in fully franked dividends, most of which are re invested via the respective D.R.P (dividend reinvestment plans). So we are effectively a ZERO RISK CLIENT. I was just about to recommend my brother to them for his construction loan. A loan that they will DEFINATELY NOT get should they wish to keep our loan at the new inflated rate. State Custodians is not a bank and DOES NOT require the higher capital reserves that have seen the big 4 banks push up rates. This is nothing more than Price GOUGING. Same or better rates available with the same features with AT LEAST 4 other lenders and without the grief. Unless they change their behaviour they will lose me as a client, not get my brothers loan and we will STRONGLY encourage the 2 other clients we referred to move with us and use the combined loans as a bargaining chip.
Zero percent customer service
I applied for a home loan through S.C, and the initial contact and customer service was first class. I then applied for a loan, and gave in all paperwork within 2 days. This is where they go from 'hero to zero', it is always me chasing them for answers, and even after sending multiple emails (and been given assurances by S.C) about the formal approval, I find out 2 weeks later they still haven't ordered a valuation on the property (even though they debited my account for the fee over a week ago). I now need to pay extra legal costs to negotiate extensions to contracts, and am left less than impressed by any excuses offered to me in why I am out of pocket for these costs for trusting S.C could do their jobs.
don't bother - after a couple of months of querying with one person - I was handballed to someone - whom was obviously justifying their job - or perhaps just wasting my time - the information passed to me over the telephone could just as easily be given in an email - WITHOUT me giving ALL my details - private stuff that everyone does not need to know - thanks for nothing
S/C can't afford phone calls or email.
Applied for a Pre-approval for a Construction loan through S/C in late August 2014.
01/09/2014 Received pre-approval form via email and returned to S/C.
We were giving 3 options about which lenders would be suitable for our circumstances and settled on St. George.
29/09/2014 Received an email advising that S/C had our completed Privacy Consent and supporting documents, to be forwarded to St. George. ,One of the documents that was sent was for my employer through, payroll services, was to forward to S/C any information that was relevant for o...
Beware if your application does not fit normal parameters
Applicants beware if you fall outside the normal parameters as I do in respect to a home loan application. Following telephone discussions with State Custodian staff, during which time I told them of my unusual circumstances, namely that I was 80, well superannuated and that my wife was 55 and employed full time. In light of this information I decided to proceed to refinance my home loan, mainly because of period offered and the home loan rate. I was never ever told one critical factor that any such loan would have to be paid off when my wif...e retired from her full time job!!!. Consequently, I proceeded with the lengthy application, as it turned out to be in my case, probably taking all told one week to complete and gather all the necessary documentation and present it as best I could in a professional manner. In a covering letter, backed up by attachments, I told them the exact details of my superannuation payments, which total about equivalent to $ 130,000 pa for life is indexed and includes free private medical treatment for life. Despite the fact that my wife works full time, with a salary of about $ 55000 pa in the event of my death, say tomorrow, she would receive the equivalent of over $ 80,000 pa for life indexed and including free medical! I also noted that for the past three years we have been paying university fees and upkeep, totally $ 100,000, to allow my Wife’s niece to re-qualify as a Nurse in Australia and that she would be repaying this loan, ultimately direct into the home loan account. They called me and asked for extra data, which I emailed to them. It was quite obvious from that conversation that the person questioning me had no idea of how commonwealth super funds work and that the wife is entitled to 67% in the event of the death of the husband. Yesterday I received a call, much to my annoyance, which I did not display to the caller, telling me that any loan would have to be paid off within 10 years – I guess that related to the retirement of my wife at say 65. I reiterate when that occurs, she will have her own super, which currently stands at $ 24,000, long service leave, plus the above super, which by then will surely be over $ 100000??? All very annoying and seemingly ridiculous, especially as I was only planning to borrow about 40% of what the home is currently worth?? I reiterate don’t waste your time dealing with these people, for despite all the sweet talk, you may ultimately be wasting a lot of your valuable time as I did. Please note I submitted this yesterday but there was no indication or email that it went through? Time absolutely wasted due to lack of vital information from state custodians!
Bushfire victim treated terribly
It should be noted when applying for a loan through state custodians, your loan will be passed on to other comanies in the form of a perpetual trustee. In our case, it landed with a company named Resimac.
We got the loan mid 2013. It was tough going, as they continually made mistakes, lost paperwork and failed to process the loan. We had to keep going back to our original person we spoke to even when the loan was supposed to have been passed on to the next group of people. He was the only one willing to assist. Every other department failed ...to do their job, but good on our initial contact for following up for us. . We were happy with the rate and coniditions etc. It was a bit more work doing it all through the internet but you expect that, in order to get a better deal. A few months into the loan, we were plodding along making our repayments and put $5k into the offset before our house burnt down in the bushfires. This is where things went really bad with them. . Can I say....No compassion! . We were prompt and contacted state custodians the day after we lost our home. We believed we were good customers having made all our repayments as well as putting some in the offset in a short time. From here on in, the experience was nothing short of trauma and horror! We indicated we wished to continue paying the loan and rebuild. They were happy for this to happen. .
What a joke
The whole loan process was a joke from start to finish.This I might add is the final straw. Our house settled at the end of August, it is now almost November and after several phone calls regarding the title transfer we were told 30 days ( as we had to seek a DA from the council for the renovations and are desperately trying to obtain a Owner Builder licence but we need this done so we have proof of ownership). After speaking with the titles office today they advised that they have received nothing from State Custodians. I also spoke with St...ate Custodians and was advised that it can be up to 8 weeks now - seems like a very conveinent extension of the time frame from up to 30 days last time we chatted. I am not happy State Cusodians - I have had to delay my contractors now because of your incompetence and lack of follow through. Perhaps it takes a bad review for them to take anything seriously. Couldn't get paperwork correct, consultants didnt understand LMI or Stamp Duty.
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
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.