How to annoy existing customers
1. Cease to offer new loans
2. Start a new entity called Homeloans.com.au
3. Reduce interest rate for homeloans.com.au customers, 2 minutes after Reserve bank announcement
4. Cease passing on interest rate cuts to State Custodians customers
5. Offer disgruntled customers a fantastic introductory rate at Homeloans.com.au
6. Rinse and repeat
I have no issue with the staff, they are excellent at their job, easy to deal with, and their systems relatively seamless, but this whole Homeloans.com.au transformation just doesn't pass the sniff test.
Applied for refinance in Sept 2019. Got full conditional approval in Dec 2019, except it was for the wrong amount. Poor customer response to queries about the difference, further delays as in asking for re-submission of account history, asked for further information at the 11th hour had to re-set the loan settlement dates due to the extra amount required etc... so by the time settlement happened it was June 2020. If I had realised it would take this long I would've gone elsewhere. Seemed to struggle with property investors.
Great rates but slow and painful process
The valuation was terribly slow and settlement was delayed twice due to slow document processing. Mostly good customer service from the call line but one British woman was very rude.
Started off with great offer, but too good to be true at the end
It's difficult to rate, as my case was handled by 4 specialists. Hence rated in the middle with the goods and bads.
Would like to highly recommend "Justin & Tony" for going above and beyond at the end to help me as much as possible in obtaining the final approval in such short amount of time with all the missing info & documents. Hoping other people can start off with the caring experts at State Custodians to manage thru the entire process.
Unfortunately in my case, the foundation was so poorly handled and managed by the initial specialist i...n the beginning of the process, made it extremely difficult for me to proceed with State Custodians at the end, due to time constraint on an off-the-plan property with the developer and the "way-off/not so ideal" final offer compared to the initial offer. Had my initial enquires and submitted my off-the-plan investment loan application with Sam in Sep-19 to start off with. Was offered 10 years interest only on great rates, with no changes to my current loans, except cutting the 1 out of the 2 credit cards. Since then I have been actively contacting Sam on a monthly basis till late Jan-20 (5 weeks prior to settlement), to ensure the offer was still valid and still able to meet settlement date. However later learnt that Sam left the company, and then learnt more surprises ever since within the weeks of settlement. From disappointing valuation report ($30K down for a 1-bedroom); missing documents on applications that were already provided months ago; to missing investment loan expenses on the initial application, which meant my original loan offer/terms was no where near where it should be with these missing pieces. With these surprises, the final offer ended up: an extra $30K cash out of pocket due to the disappointing valuation (no dispute) + reduction on my current home loan to no redraw ($150K available funds/savings gone) + to cancel all of credit cards + 5 years interest only + late settlement fee charged by the developer + many sleepless nights for weeks.
The reviewer stated that an incentive was offered for this review
- Verified customer
Very quick to meet our requirements after a complaint
I've refinanced my home loan from Ubank.
1. Very competitive comparison rate.
2. Offset account for the home loan package.
3. Online bank so should have lower overheads to compete against the big 4.
After only 6 months I have been told my interest rate is going up .09% due to increased funding costs. However even though they supposedly have higher funding costs new customers are being offered a rate lower than I got 6 months ago. Plus their internet banking set up is pretty ordinary. I had good hopes based on the positive reviews but they're nothing special.
- Verified customer
Are loyal customers being left behind?
I have been a loyal customer for 2+ years and was very happy with the on-boarding process and fantastic rates at the start of my loan, I also recommended State Custodians to family and friends based on my initial dealings with them. Since then I have seen my rate creep up 0.75% and it is now 0.45% above the rate advertised on their website. I feel they bring new customers in with attractive rates and after a honeymoon period they start upping the rate in the hope the customer will stay on board.
Whilst I would prefer to stay with State Custodians the gap between my current rate and other lenders is compelling and I am now looking at changing lenders.
Great rate crap to make changes
Communication setting up our loan was great (all done by email) since then, when ever I call I'm on hold over 10 mins and you can't make any changes without printing a form signing it, scanning it emailing it back. Changes then take 3 business from when they receive the form.
I don't have a printer or scanner and dragging kids around to print a form when every single other company accepts changes over the phone is seriously out dated. This is my 3rd refinance on a home loan and the only lender to require forms for everything!
Great Staff but dissappointing rate hike!
All the staff have been very friendly & helpful in a process that took a long time to refinance our investment loans from AMP to State Custodians. However it was very disappointing & frustrating a few days before settlement to be notified that our negotiated interest only rate of 4.09% was being increased to 4.44%.I get that rate might have to increase at times, but it should be advertised for new customers, not customers who are on the verge of settling after months of negotiations, because it is a major financial decision to change lenders! I...hope State Custodians do take a big long hard look at all the reviews below because it is all about customer relations & the reason you have your customers is because people have been let down by the big banks doing this sort of thing, so customers are trying to support smaller lenders!!!
- Verified customer
Saving money achieved but terribly confusing services
I wanted to save money switching from St George. This I have achieved. So award SC 5 stars for this. They must save there money somewhere? Right. You will figure this out when you start using their services. Firstly the website is so damn confusing that in this day in age there is no excuse. This is the interface of all thing SC, so why make this so confusing. I have 2 accounts with SC. Home loan and an Offset Account. Of course these are referred to as O and A! Of course how silly of me to not know this. Then to make matters worse each o...f these 2 accounts has a further 2 Bank account number associated with it?!!!! One to deposit money into and one to withdrawal money out of. Doesn't stop there. I was told I would be getting a Debit / Mastercard. This is 100% false. This is a Credit Card. I was then told I must use the credit card option when using it for groceries and ATMs. Anyone used an ATM to withdrawal cash using the Credit Card facility? Big warning lights indicating. "This is a cash advanced and you will incur fees", I was told by a customer rep, that I would not. Have not tried to withdrawal cash from an ATM at this stage. My biggest grip, although minor, is I shop regularly at ALDI supermarket. I never use a credit card because they charge a .5% fees on top. Guess what, I have to use Credit when shopping at Aldi and charged the fee. I was once again told by a customer rep, that I would not be charged the fee when it is processed against my account. I was charged. They are trying to fix this up with Westpac. Overall the setup with SC is a confusing and frustrating experience. I know once I iron out these teething problems, that SC will simply be another 'bank' which I am saving money with. If you like the facilities a bank offers my recommendation is DO NOT USE this provider unless you want to save money and bang your head against the wall in the process of doing so.
Strong start that tapered off when it counted...
It was helpful to be able to speak to "real people" who were consistently contactable but the process broke down once it hit legals - this was very unhelpful in the lead up to settlement: in the end, the experience was stressful and resulted in expensive delays and this was very disappointing.
Attractive rate - solid range of loan features
As noted, terrible service from the lender's legal team
very slow in reply/ return calls after submit the application form
I was happy with the customer services when I had first contact with them, they reply my emails very quickly within 2 days, but very disappointed after our application has gone in to loan assessor. We had some more questions, I sent emails, no reply, I called no reply, I had to leave three messages in one week period only with my last call I said to them I might change my mind and withdraw my application, and then I receive a phone call straight away after I hang up.
You need to double check the loan schedule carefully as for my case, ther...e is amount missing in my offset account and also the repayment frequency we requested was fortnightly instead of monthly. Very tricky! Overall I am not happy with the customer services after the application form submitted. low rate slow reply need a lot of follow up
Some risks involved.....
We were going to refinance with State Custodians - great rate, won awards and good service. However when we received the loan docs to sign we noticed that our variable 4.59% advertised rate was actually a "core" rate of 7.09% and a "margin" of -2.5%. It was stated in the loan documents that this margin could change at any time and even become positive - as well as the "core" rate being able to change. We were not happy with this at all and decided not to pursue the loan and go with another lender. Out of pocket $275 for the valuation fee so...feeling pretty duped. We felt it was too risky to not have a guaranteed discount or margin, especially when the core rate is so high. Someone had also mentioned that because they are a non-bank lender then they are not covered under the government guarantee so if they go under..... In the end, we decided that State Custodians was too risky for us, but this risk may not bother others. The service we received from enquiry state through application was very good. good service, good advertised rates variable rate not as first thought, not covered by government guarantee
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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