Quick Summary
Since being purchased by Resimac in early 2014, State Custodians operates more like a lender than it ever did in the past.
Their real selling point is that they are a specialist lender for tough loan scenarios and offer competitive pricing in these areas. Prior to their acquisition by Resimac, their management team was renowned in the industry and had an excellent reputation, although we're not sure whether any of this team have remained.
They're also award-winning having taken out Money magazine's 'Non-bank Lender of the Year' award for five years in a row.
How do State Custodian’s home loans compare?
Pros
- Cheap interest rates and keeping costs low
- Great customer service and easy to work with
- Simple products
- Specialist offer for bad credit and low doc loans
- They have a dedicated home loan specialist
- Can borrow up to 95% inclusive of LMI
- Most of their home loans come with redraw facility and offset accounts
- Can do split mortgages
- Don’t charge ongoing and annual fees on most of their home loans
Cons
- Lending policy is conservative particularly when it comes to unusual securities (properties) and locations
- Conservative with non-standard employment types like self employed applicants
- High ongoing fees compared to some other non-banks
- Resimac are well known for asking lots of questions and delaying approvals
- Since it is an online lender, they do not have any physical branches.
- Can’t do construction loans
What types of home loans do they offer?
State Custodians offer two variable rate home loan packages that both come with 100% offset accounts. This is the State Custodians Standard Variable Loan and the State Custodians Breathe Easy Loan.
They also offer self employed and bad credit loans.
Will their interest rates stay low?
Lenders regularly offer low interest rates to entice customers and then find a way to put their rates up over time.
The honeymoon might be over but it doesn’t mean you have to cop it on the chin!
Monitor your rate or, better yet, get a mortgage broker that can do this for you.
There’s plenty of other low-cost home loan products out there and we have a panel of nearly 40 lenders to choose from.
Compare State Custodians to other lenders
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.
Find out if you are qualified to apply with this lender
Find Best LenderTip for applying with State Custodians
Use State Custodians' loan application form to prepare for your mortgage application.
Note: This is the latest loan application form as of November 2017. Please refer to State Custodians for their most up-to-date document requirements.