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State Custodians
3.8 from 425 reviews · View Statistics

Reviews

  • Transparency
    1.3 (3)
  • Customer Service
    2.7 (3)
  • Loan TypeVariable Rate (3)
  • Application Process
    2.7 (3)
  • Timeliness
    2.3 (3)
  • Loan used for
  • Loan Term2 years
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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
See all answers
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
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
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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
See all answers
3 comments
State Custodians
Customer Feedback T.State Custodians
Landlord
Landlord
State Custodians
Customer Feedback T.State Custodians
  • Verified customer

Bait new customers with low rate and then increase

published
1 comment
State Custodians
Customer Feedback T.State Custodians
Tris

Tris

  • 2 reviews
  • 5 likes

Bait and switch - AVOID!

published

State Custodians make a great many promises, however, once they've got you on their books, they decrease their competitiveness incrementally, constantly edging your interest rate up and up, no matter what they said at the outset.

They promise a 0.2 'loyalty' bonus after five years, but then they put your rate back up even higher after a few months, citing 'increasing costs'. This business model is clearly one to get the new customers in and then gradually hike your rate to well over the going %. I am bitterly disappointed and am already looking elsewhere. It's not even the rate that stings so much as the false promises.

Avoid this company if you possibly can.

1 comment
State Custodians
Customer Feedback T.State Custodians
Scott

ScottSunshine Coast

Rates rise after you have signed up, even though low rates are available for new customers.

published

I have had 4x rate rises over the last year. I have contacted SCMC several times to ask why they have not applied the 0.25% loyalty discount after 60months (which was part of the reason I went for SCMC in the first place), and unsurprisingly have had no response from any of my correspondence. Rates rise after you have signed up, even though low rates are available for new customers. I will likely be finding another provider also.

4 comments
State Custodians
Customer Feedback T.State Custodians
Scott
Scott
State Custodians
Customer Feedback T.State Custodians
PT18

PT18Melbourne

  • 5 reviews
  • 14 likes

Interest rates increased TWICE in last 11 months since the sign up

published
1 comment
State Custodians
Customer Feedback T.State Custodians

Interest rate up for no reason

published

Less than a year ago I got a loan from State Custodians to buy my next investment property. Today I got a letter from State Custodians that my interest rate would be up by 0.15%. This is despite the fact that for my other investment loans with different lending institutions nothing is happening. Moreover, no market conditions actually changed and RBA left interest rates on hold anyway. So, as soon as you become their client, State Custodians would not care about you. After getting this letter, I would shop around and move out, if such a move would be financially viable.

1 comment
State Custodians
Customer Feedback T.State Custodians
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Approval period

published

Can’t believe the loan assessor is blaming the fact he has a hard copy of everything that the loan application is still not approved after 5 days. Not sure why it would be a good idea to send personal documents via an unsecured email and then to blame the fact the documents are a hard copy not a emailed version it would take longer to approve, already worried about refinancing to this company

1 comment
State Custodians
Customer Feedback T.State Custodians
Kate H

Kate HMelbourne

  • 2 reviews
  • 1 like

Are you a woman? Get ready to be ignored and forgotten

published
1 comment
State Custodians
Customer Feedback T.State Custodians
DT61

DT61Perth

  • Verified customer

Poor customer service

published

Customer service and communication is poor. Sent through request to change auto debit. Was asked to submit additional document which I did. Since then have not had any response despite multiple emails asking this to be done. Finally I called in and they could not find the doc I sent so I sent another copy.

Told them that I needed it to be done urgently because I was going overseas. I was told I would receive an update but haven't heard anything since.

Their web portal is very outdated compared to other institutions and you can't really do much there. No app for phone either.

1 comment
State Custodians
Customer Feedback T.State Custodians
Ozzi154

Ozzi154Greater Melbourne (Outer), VIC

  • 6 reviews
  • 6 likes

Dodgy valuation, poor customer service

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan used forInvestment Property
See all answers
3 comments
State Custodians
Customer Feedback T.State Custodians
Ozzi154
Ozzi154

23 June should be in the text instead of 23 January, which was mistakenly put in place by Product Review moderation team. Thanks

State Custodians
Customer Feedback T.State Custodians

Low rates but poor communication and execution

published

I took up a refinance to cover both my primary residence and investment property. Despite settling all paperwork a month prior and I gave them a specific date for settlement, they didn't contact the bank for settlement for my investment property till settlement day. As a result, all settlements were delayed and I ended up paying unnecessary fees. Refused to compensate the interest rate differential (I only asked the the actual days delayed) and claimed they didn't know the counterparty bank couldn't settle without prior notice. Also normal queries to customer care email took 3-4 biz days to get a reply. Low rates yes, but would I recommend them to a friend? prob not.

2 comments
State Custodians
Customer Feedback T.State Custodians
Eric
Eric
Andrews

AndrewsAU

  • 2 reviews

Poor customer service

published

Submitted an enquiry online Tuesday night just gone received a phone called wednesday morning ( which I missed but he left a voice message) then a sms and a email wanting to make contact all good.So I sent back that 1.30pm yesterday(Wednesday) would be a good time to ring and discuss my loan requirements as I would be on my lunch break ok no worries will make contact then.
Well it is now Thursday mid morning with zero contact from the guy that was going to ring yesterday, no phone call, sms or email.
Looks like business is going well when they dont need new loans.Time to try someone else for a loan.

2 comments
State Custodians
Customer Feedback T.State Custodians
Andrews
Andrews
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Terrible Set up

published

I am so disappointed with SC, so many limitations on simple transactions! I loved St George and was angry that they wouldn't come to the party with the lower rate which forced us to "look around". I am now paying for it. Think twice about changing over to SC.

1 comment
State Custodians
Customer Feedback T.State Custodians

Thank-you for your feedback. We would really like to look into your situation and what limitations are causing concerns. Please email feedback@statecustodians.com.au so that we can speak to you about this directly.

Spirit

SpiritPerth, WA

  • 4 reviews
  • 11 likes

Not good for existing customers

published
1 comment
State Custodians
Customer Feedback T.State Custodians
William

WilliamSydney

My options have now changed

published

very unhappy that the rate cut published at the start of may will have no impact on my investment loan. I work for a bank and the reason i choose to come to SC is the interest rate that they offer. My work is now in line with what SC is providing me had i of known that there will be no rate cut for investment loans a i would have NOT joined SC at all.

Why should home owners receive the benefit and not a investment property owners?

So the interest rate for those who settled AFTER 1st of March will have an interest rate lower than mine.
1st of March the interest rate offered was 4.52% and now with the rate cut they will receive 4.27% which is lower than mine when i joined SC in Feb.

1 comment
State Custodians
Customer Feedback T.State Custodians

Hi William , we are happy to discuss your individual circumstances, please call our Customer Care team on 13 72 62.

Fizz

FizzSydney

Don't Believe the Hype

published

After reading all the stories here, I thought State Custodians (SC) must be alright. I have had the worst transition from one lender to SC. It has taken months from signing to settlement. Then I could not access my funds.

1 comment
State Custodians
Customer Feedback T.State Custodians

Sold me a lower rate but after settlement State Custodians increased the interest rate without telli

published

I recently went to SC for finance to fund an investment property which was handled efficiently HOWEVER, SC uses bait pricing by offering a low rate 3.99% but after settlement within 3 weeks, they increased the variable rate to 4.14% without telling me. I only noticed it on the system after logging in. SC seems to be deliberately baiting new customers and pushing up the rate after you have become their customer.

Be Warned!

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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