State Custodians Home Loans Thoughts

StevenUniverse on 26/04/2020 - 09:40
Last edited 26/04/2020 - 09:59

Hey OzB,

Was looking at refinancing my home loan with State Custodians as they're offering 2.65% with a 100% offset account.

But after looking at the list of authorised deposit taking institutions provided by APRA I'm not able to find them or RESIMAC (who back their loans) on the list.

I found an old comment stating their offsets were held in a Westpac account. But will have to call up Monday and verify.

In the mean time, was wondering if anybody had any other insights or thoughts to State Custodians?

Edit: Have also seen Yard home loans offering 2.66% but also not much information about them online

Appreciate your time and suggestions.

Financial

Comments

  • SBOB on 26/04/2020 - 12:02

    I was with state custodian on a refinance, was fine for maybe 6 months and then didn't pass through rates as they were for new customers.
    Queried them to reconsidering but they rejected it so I left. Refinancing is too easy to bother staying (went to homestar, had a sign up promo which offset some of the refinance fees and who have passed on every rate drop)

    • StevenUniverse on 26/04/2020 - 13:13

      thanks for sharing, i'll give homestar a look

    • dcep on 26/04/2020 - 13:39

      Refinancing is too easy to bother staying

      do you have to provide all sorts of IDs ? last i've done , they even asked for my mother's maiden name

      • SBOB on 26/04/2020 - 13:59

        Yep, takes about 10 minutes with a camera and sending pdf or JPG of the files and submitting them.
        For the final stage they sent someone to our house to sight, verify and get final signatures. Was pretty simple.

  • Neoika on 26/04/2020 - 12:34

    I would aim at getting $4k cashback for a refinance with one of big 4 banks, rather than an online only one with about 0.1-0.2% lower interest rate.

    • StevenUniverse on 26/04/2020 - 13:13

      whats the process in getting a cashback from one of the big 4?

      do I have to go through a broker? or can I just give them a call myself?

      • 17833 on 26/04/2020 - 13:16

        No idea if the actual deal is good or not, but this deal might provide some useful information. https://www.ozbargain.com.au/node/530884

        • StevenUniverse on 26/04/2020 - 13:32

          Thanks!

          The last comment led me to this thread with what seems like an even better deal

          • Neoika on 26/04/2020 - 14:37

            @StevenUniverse: Fixed rate homeloan may not allow offset/redraw function. Good for people have no extra cash.

            • StevenUniverse on 26/04/2020 - 15:38

              @Neoika: Yeah, was looking for something with some offset ability.

              Do you have much opinion or thoughts regarding split loans?

  • halfnhalf71 on 19/06/2020 - 09:19

    Probably missed the boat for you but i've been with State Custodians since 2009.
    I have a P&I investment loan which has kept ahead of most of the market and is currently 2.8% comparison.
    Over the years i have asked maybe 3 times to reduce the rate to keep it ahead and they've approved it each time.
    I believe my offset is with Westpac.
    I can't complain about the service but the online portal is pretty basic and they only just went to digital statements.
    Never had any issues though. Touch wood.

  • FatGPT on 19/06/2020 - 11:38
    +1

    Had a bad experience with them when buying a property > got pre-approval, bought at auction with 60 day settlement. Despite constantly chasing up almost daily they still didn't have formal approval after 30 days had passed and I was getting pretty nervous. Ended up going to a mortgage broker and they helped to push through formal approval with another lender within 1 business day… Just my 2 cents, maybe I just had a bad experience but thought I would share..

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