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State Custodians
Peter Sydney, NSW
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.
1 comment
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Jack GPerth, WA
- 3 reviews
- 1 like
Refinance
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.
1 comment
Customer Feedback T.State Custodians
Hi Jack,
Thank you for your review and we are disappointed to read about your experience as this is nowhere near reflective of our usual processes or time frames. We pride ourselves on being able to ... Read more
deliver the very best customer experience and regret that you feel it has not occurred in this instance.Similar opinion? Write a review on ProductReview.com.au!
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4.9(205)drsharynwilkinsSydney, NSW
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.
1 comment
Customer Feedback T.State Custodians
Hi Drsharynwilkins,
Thank you for your comments. We’re glad to read that you are happy with your home loan rate, but we’re disappointed that you do not feel you received the high level of customer service that we strive to deliver.... Read more
We understand your frustration with the document processing and the delay in settlement this caused. As is standard across the industry, we use independent third parties to conduct property valuations and while there have been recent changes to processes as a result of the COVID-19 situation, we regret to hear about the delay relating to your application. We will review your experience and continue to work with our property valuers to ensure a consistently high standard of service is delivered. Thank you again for the feedback and we looking forward to exceeding your expectations in the future. Kind regards, The team at State CustodiansSimilar opinion? Write a review on ProductReview.com.au!
Find out how State Custodians compares to other Home Loans
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AmySydney, NSW
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...Read more
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.1 comment
Customer Feedback T.State Custodians
Hi Amy,
Thank you for your comments and we are pleased to read that you were happy with the service provided by Justin and Tony. We know that they put in everything they had up against a very short ... Read more
period of time to finalise the application for you. This is the standard that the entire team strives to consistently deliver.Similar opinion? Write a review on ProductReview.com.au!
The reviewer stated that an incentive was offered for this review
TerryGreater Melbourne (Metropolitan), VIC
- Verified customer
Very quick to meet our requirements after a complaint
I've refinanced my home loan from Ubank.
Pros
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.
...Read more
2 comments
It is reassuring that State Custodian is really vigilant at meeting our requirements after this review. We are really happy about the outcome after Theo, the direct sales manager helped us out.
Customer Feedback T.State Custodians
Hi Terry,
Thank you for taking the time to write this review and for speaking directly with Theo about your requirements. We’re pleased to read that you are satisfied with the outcome and have remained a customer with State Custodians. ... Read more
We’re sorry that we did not meet your expectations initially, but hope that we can continue to provide a high level of service that we pride ourselves on along with our very competitive rates. Kind regards, The team at State CustodiansSimilar opinion? Write a review on ProductReview.com.au!
twingo721
- 3 reviews
- 6 likes
Disappointed
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.
1 comment
Customer Feedback T.State Custodians
Dear Twingo721,
Thank you for your comments.... Read more
We can certainly understand the frustration of acquiring a product, to then see it later advertised at a cheaper price. This occurs in many industries, and due to the way funding is obtained it can, on occasions, also occur in lending. Accordingly the new loan rates can vary from existing customer rates. We are aware of the impact of rate changes on borrowers, and accordingly decisions to increase rates are not made lightly. The recent minor adjustments to variable rates are in line with other lenders in the market – bank and non-bank. We’re sorry to read of your disappointment and hope that we can exceed your expectations in the future. Once again thank you for the feedback. Kind regards, The team at State CustodiansSimilar opinion? Write a review on ProductReview.com.au!
AllenSydney, NSW
- 3 reviews
- 2 likes
- 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.
2 comments
Have just been informed that they will be bring my rate into line with current offers. Will definitely be staying with SC.
Customer Feedback T.State Custodians
Dear Allen,
Thank you for taking the time to contact us, for your kind words about your experience with State Custodians to date and for having referred family and friends to us.... Read more
We know that interest rates are very important to our customers and accordingly we strive to keep our rates as low as possible. As with all lenders, our variable rates do change periodically due to market funding costs, and due to the nature of the way loan funding is obtained, new loan rates can often vary from existing customer rates. We’re very happy to have reached an outcome and that you’ve decided to remain with us as a customer. Kind regards, The team at State CustodiansSimilar opinion? Write a review on ProductReview.com.au!
kegGreater Melbourne (Metropolitan), VIC
- 3 reviews
- 1 like
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!
1 comment
Customer Feedback T.State Custodians
Dear Keg,
Thank you for your feedback.... Read more
We’re happy to hear that you are satisfied with our low rate home loan product and the process to complete with this was straightforward. We have recently been receiving very high volumes of enquiries with our customer service team and strive to provide the highest levels of service. Given the nature of the home loan product there will be times where a signed form is required to update a change; our priority is to ensure that your client information is not jeopardised. We appreciate the time taken to leave this review. Kind regards, The team at State CustodiansSimilar opinion? Write a review on ProductReview.com.au!
ClevelandSydney, NSW
- 3 reviews
- 6 likes
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...Read more
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!!!1 comment
Customer Feedback T.State Custodians
Dear Cleveland,
Thank you for your comments and it’s rewarding to hear about your positive experience with our staff during your refinance to State Custodians.... Read more
Any movement in the variable rates, in this case for interest only loans, is a business decision that is not taken lightly. We do review all feedback from our clients and factor them in to any future decisions and our daily operations. We appreciate the time taken to leave your review. Kind regards, The team at State CustodiansSimilar opinion? Write a review on ProductReview.com.au!
Find out how State Custodians compares to other Home Loans
Know better, choose better.
TobyOrange
- 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...Read more
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.1 comment
I have now been a SC customer for over 4 months. Now that I understand what I am charged for and not and which ATMs I can use etc, I stand by initial comments I am saving a huge amount of money with o... Read more
ne of the lowest interest rates around currently mine is at 3.66% and ST George Comparative home loan is 5.09% + $395 annual fee. Like all other bank accounts, once the accounts have been set up and working correctly how often does the average person contact their bank? Its simple in the set and forget bracket, and this time at least I know my money is working smarter for me, couldn't be happier.Similar opinion? Write a review on ProductReview.com.au!
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
1 comment
Customer Feedback T.State Custodians
We understand that you have encountered a specific issue at settlement. We would be keen to discuss it further with you. Please email kathleen@statecustodians.com.au.
Similar opinion? Write a review on ProductReview.com.au!
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...Read more
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 up4 comments
Customer Feedback T.State Custodians
Sorry to hear about your experience and thank you for your honest feedback. We are currently looking into how this could have occurred to ensure that we continually improve our processes.
If there a... Read more
re any outstanding issues that have not yet been resolved, please contact kathleen@statecustodians.com.au.i have been dealing with only one person. you are lucky, i don't have good experiance as you. we finally got into the settelment stage, but waiting for them to reply with my contract questions is anot... Read more
her long wait. I had to call/ write to follow up my questions. today is 15 of Oct 2013. it has been one and half month since we started our application and we are still waiting for our questions to be answered. I are thinking of giving it up..... good luck for other ppl out there.by the way, I wouldn't recomand anyone to switch to SC as I feel a bit risky after reading the contract, not feeling very comfortable with it. not to mention the above mentioned experiance i am having... Read more
! I should haven't agreed to pay the $275 valuation fee as Westpac didn't even charge us for that when we applied our first homeloan with them!Similar opinion? Write a review on ProductReview.com.au!
than4
- 68 reviews
- 30 likes
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...Read more
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 guarantee3 comments
Customer Feedback T.State Custodians
Thank you for your feedback.
Interest rate disclosure in the Credit Contract: Many lenders will publish interest rates based on one core benchmark rate. This benchmark rate can then be published in ... Read more
National newspapers, as required by the National Consumer Credit code as and when a rate changes.Actually no resolution as yet. Have had numerous phone calls and emails regarding the product and why I find it not suitable for me. Still ongoing as of 13/9/2013
Customer Feedback T.State Custodians
Hi, thanks for your question. The mortgage loan is not an asset of State Custodians, but rather an asset of a bankruptcy remote trust that is legally structured to remain in place should State Custodi... Read more
ans “go under”. The likelihood of repayment of redraws and offset amounts not being processed is extremely low. In the extremely rare situation where a request for repayment of a redraw or offset amount were not processed, the amount would still remain against the borrower’s account and effectively reduce the mortgage loan balance due by that amount. State Custodians has no right to any redraw or offset monies.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
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Customer Feedback T.State Custodians
Hi Peter,
Thanks for voicing your concerns. As a multi-channel distribution business, Resimac Group has several brands that cater to different customer segments. The launch of a new brand does not af... Read more
fect State Custodian customers, who continue to receive the same level of service and support they have always had over the life of their loan. As funding arrangements vary for different products and brands we offer, interest rates movements are not synchronised, which is why there may be differences in the way each brand responds to market changes. Rest assured that we are keen to keep customers happy, and would welcome an opportunity to discuss your loan in more detail offline. Would you please send us an email at marketing@statecustodians.com.au with your loan details?