Hi everyone,
This is my first post, is anyone in here heard of "State Custodians mortgage company", it give out interest rate of 4.89 for the first 60 months…then reduce to 4.78. Just wonder what will be the catch for it…..genuine?
Much appreciated….
Hi there,
I work at SCMC and can say that we are FANTASTIC to deal with.
Give them a call.hey Mr Mortgage, did you have your mortgage with SCMC…..I'm first home owner….research over the net for the reasonable deal, with the deadline of FHOG coming soon….it getting too stressful.
Using mortgage broker right now….however they are not dealing with SCMC though
Hi,
Unfortunately we do not deal with mortgage brokers. All of our clients come to us direct.
Feel free to give me a call on Monday we would be delighted to welcome you as a client.Hi,
Unfortunately we do not deal with mortgage brokers. All of our clients come to us direct.
Feel free to give me a call on Monday we would be delighted to welcome you as a client.Very good account with 100% offset, bpay/atm facilities with no frills interest rates.
Hasn't had any experience dealing with them… sure that is a catch?????
DEF??Ideal i guess if you want a non bank lender but for 93% of mortgage applications taken out within the last 8 months they prefered the security of a Bank lender security.
Also if you look at the interest rates lets just say you would never want to fix the rate or need the loan under lodoc as they are probably one of the highest rates i have seen around.
GOM make a good point about the DEF which unfortunately is charged if the loan is repaid in full in the first 5 years but the amount is regretfully not quoted on their website.
Also a standard home loan with a $330 Annual fee and no real features certainly adds a margin onto the interest rate.
On that point before you jump and take David up on his offer of becoming a customer you might like to compare the comparison rate which reflects the true interest rate after taking into account the fees and charges incurred throughout the term of the loan.
For a $250K loan over 25 Years.
Anz Bank Simplicity 5.25% CAR
CBA Economiser 5.36% CAR
Westpac First Option 5.26% CAR
NAB Base Rate 5.57% CARState Custodians Mortgage Company – 6.41%
Now call me old fashion but remember not all that glistens is gold
Richard Taylor | Australia's leading private lender
y0omama, State Custodians might not exist next year….
look at GE money/Wizard etc…
I still remember freshly that my previous mortgage broker always argued that non-bank lender(s) is the BEST.. probably commision-driven ???
Wisely, I choose bank lender…….. not just stupid advertisements from non-bank lenders…. proven track record is the most important…Just look at what happen to GE money/Wizard customers?????? look at the comments on http://www.lendingcentral.com.au
Hi Y0omama,
Its unfortunate that a public forum such this one which is designed to be an accurate information source for people such as yourself can becomea little bit unprofessional at times.
With respect to Richards comments and in allowance of his own personal opinions we would like to clarify a few of his comments which were false and without research.
The comparison rate for our standard variable rate is 5.08% not 6.41%
Most professional package loans have an annual fee and we are no exception. With regards to features, SCMC won numerous awards last year including the "Best of the Best Money Magazine awards" which compared us against all of the major lenders in Australia. Our loans are also rated 5 star by CANNEX and we won Mortgage of the Year 2008.The DAF fee is clearly listed on our fees and charges page and is qouted as being the equivalent of 1 x months repayment. Of course a dollar figure cannot be listed under this formula
We definately dont purport to be all things to all people and borrowers who requiire lo-doc or fixed rates are welcome to take advantage of our broking arm.
I hope this explains things in a bit more detail, I'm sure Richard is a fine mortgage broker who has just misunderstood our products specs.
David
My apologies yes indeed i did misread the CAR as with so many products found the website rather confusing.
Whilst many Propack products do in fact charge an Annual Fee the borrower is aware that his loan will be with that institution and not be part of a securitised package.
Do SCMC require all of their loans irrespective of the LVR to be mortgage insured or only those over an 80% LVR ?
I appreciate with most Non Bank Lenders that the LMI premium is paid for by the funder just need to clarify the situation as this has a dramatic on a client borrowing capacity long term.Richard Taylor | Australia's leading private lender
Richard
All of our loans are insured irrespective of LVR. The borrower only pays the LMI if the LVR is over 80%
Regards
Thanks David
As i thought. Not good for a client when the borrowing gets a little high.
One
of the
Richard Taylor | Australia's leading private lender
A family member has just had a bad experience with State Custodians. Their house is valued at $900K, equity is $600K and they have never missed a morgage payment. It took State Custodians 9 weeks from applicate date to reject their application. They are currently with one of the big banks and were looking to save themselves some $ whilst the husband was on study leave, fully paid for by the employer. It would have been a nice contract for State Custodians.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
