State Custodians Home Loan Review (Updated 2026)

Who is State Custodians?

State Custodians started in 2007 as an online-only mortgage manager, building a reputation for straightforward pricing and cheap set-up costs on a lean product range. In 2014, Resimac Group Limited, a long-established, ASX-listed non-bank lender, acquired State Custodians, giving it stronger funding and credibility. Rather than running its own balance sheet like a bank, State Custodians operated as a mortgage manager drawing on wholesale funding relationships, including Resimac itself and other wholesale funders, to offer home loans directly to borrowers without a branch network. Over the years it picked up genuine recognition too. Money magazine named it Non-Bank Lender of the Year multiple years running, and it built a real reputation for considering low-doc and alternative-credit files that some mainstream banks wouldn’t touch.

What were their home loans like?

What State Custodians was good at

• A lean, easy-to-understand product range.Four core products rather than a sprawling menu, which suited borrowers who didn’t want to wade through dozens of options.
• Genuine low-doc and credit-impaired appetite.Access to multiple wholesale funding relationships meant it could look at files that some mainstream banks couldn’t.
• Offset accounts available on its flagship Low-Rate loan, with access to BPAY, a debit card and some EFTPOS functionality, plus up to six loan splits.
• No ongoing annual fees on its mainstream lending, which kept the headline cost simple.
• A specialist Green Loan for existing customers making energy-efficient property improvements, such as solar panels or efficient appliances.

Where it fell short

• Online-only, call-centre servicing.No branches and no face-to-face option, which didn’t suit every borrower.
• Self-employed documentation could run heavier than expected.Commonly two years’ tax returns where a competitor might work off one.
• Notoriously long loan contracts. Borrowers reported paperwork running to 90-plus pages, sent by email for you to print, without a clear indication of where to sign.
• Internet banking was fairly basic by contemporary standards, with offset transfers restricted to a single pre-nominated external account.
• And now, most importantly: it’s closed to new business. As we understand it, State Custodians is not accepting new home loan applications, so none of the above is something you can actually apply for today.

What products did State Custodians offer?

Historically, State Custodians built its range around four core products, offered on both owner-occupied and investment loans. None of these are available to new applicants today. This is background for existing borrowers and researchers, not a live menu:

State Custodians home loan rates

We don’t publish rate figures here. For a closed book they’d be stale on arrival, and pricing in any case moves with wholesale funding costs set by the Resimac group rather than being something you can lock in today. Historically, State Custodians’ Low-Rate loan was positioned as competitive, with no ongoing annual fees keeping the headline cost simple.

None of that is actionable if you’re shopping for a new loan, because there’s no application to lodge. If it’s the low-doc, wholesale-backed proposition that appealed to you, the live comparison point is Resimac’s own current range, or the broader panel. Book a free assessment or call 1300 088 065 and we’ll compare current options against your situation.

What documents did State Custodians need for a home loan?

For existing borrowers checking their file, or anyone researching how the process worked, State Custodians’ application checklist was fairly standard compared to most banks. For a salaried employee buying a first home, it would typically ask for:

• Signed application and Privacy Act forms completed by all borrowers.
• Proof of identity: a current Medicare card plus driver’s licence, or an Australian passport.
• Income evidence: three months’ bank statements showing salary credits with your employer’s name, plus your two most recent computer-generated payslips and last year’s payment summary.
• Genuine savings evidence: statements showing your deposit funds have been held for at least three months.
• Liabilities: statements for any open credit card, personal loan or overdraft.
• Property documentation: the signed contract of sale.
• Self-employed applicantswere commonly asked for two years’ tax returns, heavier than some competitors who work off one strong year.

How do you manage an existing State Custodians loan?

As we understand it, State Custodians is no longer accepting new loan applications and is focused on servicing existing customers. If you’re already a customer, everyday management runs through the LoanAccess portal:

• Pay Anyone transfers to your nominated account.
• BPAY for bill payments.
• Scheduled payments and direct debits for regular repayments.
• Secure e-statements and basic mobile app access.

It’s functional for day-to-day servicing, but noticeably more basic than a major bank’s app, and worth knowing that offset-account transfers are limited to a single external account you nominate at settlement, which can be frustrating if you need funds moved quickly. If you’re looking to refinance, you can do so through the portal directly or by comparing the broader market with a broker.

How is a mortgage manager different from a bank?

This matters for anyone still holding a State Custodians loan. Banks, building societies and credit unions are registered deposit-taking institutions (ADIs) with APRA, and deposits up to $250,000 are covered by the Australian Government’s deposit guarantee. Mortgage managers like State Custodians are not ADIs and aren’t covered by that guarantee, so funds sitting in a State Custodians offset account don’t carry the same government-backed protection that a bank offset account would. This isn’t unique to State Custodians; it’s a structural feature of the non-bank mortgage-manager model generally, and it’s worth understanding rather than assuming your offset balance is treated the same as bank savings.

What else did State Custodians offer?

Being a mortgage manager rather than a bank, State Custodians never offered fully functional transaction accounts, a rich internet banking suite, savings accounts or insurance the way a bank or credit union would. What it did offer was access to a Member Advantage Benefits Program, giving customers discounts at everyday retailers, similar in spirit to the perks some credit-card providers bundle in at the major banks.

What are State Custodians customers saying?

Customer sentiment on State Custodians has historically been mixed, which is typical for a call-centre-serviced online lender. Borrowers who valued its low-doc appetite and straightforward pricing were generally positive, while the recurring frustrations were around wait times reaching the call centre, loan contracts running to 90-plus pages without clear signing guidance, and the offset account’s single-nominated-account transfer limit. None of that is a live signal any more. The useful question today is how your own loan is currently performing, not historical reviews.

Where things stand now

As we understand it, State Custodians is no longer accepting new home loan applications. The Resimac group continues to service the existing loan book through the LoanAccess portal, but for anyone shopping for a home loan today, State Custodians simply isn’t on the table as a lender you can apply through. We’d rather tell you that plainly than write around it.

1. 1New applications closedAs we understand it, State Custodians stopped accepting new home-loan applications. Brokers no longer offer it as an applyable product.
2. 2Existing loans continue as-isIf you already hold a State Custodians loan, it continues under its current terms. Repayments and servicing don’t suddenly change.
3. 3Compare a live alternativeIf you want a similar low-doc, online-non-bank proposition today, Resimac (the same parent group) or the broader panel is the live comparison point.

If it’s the low-doc, online-non-bank style of lending that appealed to you about State Custodians, the closest live equivalent worth a look is Resimac, the same parent group, with an active application process and a similar willingness to work with self-employed and credit-impaired borrowers through its Prime, Prime Alt Doc and Specialist tiers. It isn’t the same product or brand, but the shape of the proposition, flexible, wholesale-funded, non-branch lending, is the closest match on our panel today.

Who State Custodians suited (and didn’t)

How does State Custodians compare to other lenders?

With State Custodians closed to new lending, the comparison that matters now is with the non-bank lenders still actively writing loans:

If it’s the low-doc, wholesale-backed proposition you’re after, Resimac is the natural starting point, and specialist lenders covered in our broader self-employed home loans guide may also suit. The right fit depends on your income type, documentation and credit history, exactly what a proper comparison across the panel sorts out.

Broker tips if you’re an existing State Custodians borrower

• Confirm your loan’s current servicing arrangementsdirectly with the Resimac group. A closed brand’s loans are still serviced (and Resimac itself is very much still lending), but the details matter for your situation.
• If you’re thinking about refinancing, treat it like any other refinance. Compare your existing terms against what’s currently available rather than assuming your options are limited.
• Don’t assume the old State Custodians policy still applies elsewhere. Wholesale-funded non-bank lending has moved on, and Resimac has its own current policy, not a copy of State Custodians’ old rules.
• Check your offset arrangementsbefore you assume nothing’s changed. The single-nominated-account transfer limit has historically caught borrowers out when they need funds moved quickly.

Next steps

State Custodians was a genuinely useful option in its day: lean, competitively priced and open to low-doc and credit-impaired files. As we understand it, that door is now closed to new applicants, so the useful question isn’t “should I apply with State Custodians” but “which of the 30+ lenders on our panel does that job today.” We’ll help you find it. Book a free assessment or call 1300 088 065 to get started.