Since 2007, State Custodians has set out with a simple mission: To provide Australians with a real alternative to the big banks. Since then, State Custodians has won numerous awards and been recognised as the 2015 Non-Bank Lender of the Year by Money magazine five years in a row.
State Custodians is an online-only lender with a large range of home loan options which are suitable for all borrowers. Their loans are backed by RESIMAC Limited, who have been funding home loans in Australia since 1985.
Because they are an online-only lender, there are no bank branches for potential customers to visit in person, but they do have a customer service centre you can call, as well as a live online chat and online banking services.
As borrowers can only apply for a loan online, it's important to make sure you have all the available information you'll need to apply for a loan. Be sure you have the following available:
Proof of Identification: Enough to pass the 100 point check, which can include your passport, birth certificate, etc.
You will need to be able to provide evidence of your financial details when you apply, so make sure you hang on to your tax returns, pay slips, and other financial details.
You’ll need to agree to a credit check.
A list of your income against your expenses, which will show the lender a more complete view of your current financial situation as far as incoming and outgoing cash flow is concerned.
A list of assets and debts - assets include things like existing properties and investments as well as savings, while debts are any open lines of credit or other loans, etc.
Details about the property you're planning to buy, such as the price of the property and how much you are looking to borrow.
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When considering a home loan there are several different factors to take into account. If you want to live in the property, or buy it as a future investment, will determine whether you should apply for an owner occupied loan or an investment loan. You can also browse by company to see the different types of home loan offered as some loan providers offer basic products, as well as inclusive package deals.
You will also need to consider what sort of payment plan suits you. Home loans are offered either at a fixed or variable rate of interest. Fixed rate plans suit those who may be on a budget or prefer to know exactly what they pay back each month. However, a variable rate loan could work to your advantage as you could pay back less overall if interest rates fluctuate.
When considering any type of home loan, it is recommended to get an expert’s opinion. They will help you choose a home loan that’s right for you as well as determining what sort of payment plan will work best for you and your money.