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Expert review

The State Custodians Low Rate Home Loan with Offset is available for both owner occupiers and investment, but not available as a construction option. Pre-approval is available in two minutes after submitting an application, and isn't recorded on your credit file.

About this loan

What are the features and benefits of the State Custodians Low Rate Home Loan?

  • Loan term. The maximum term for this loan is 30 years.
  • Loan size. This loan has a minimum borrowing amount of $100,000 up to a maximum of $2,000,000 with a maximum exposure of $2.5 million assessed on a case by case basis.
  • Loan amount. You can borrow a maximum of 80% of the property's value without paying lenders mortgage insurance (LMI).You can borrow up to 95% of the value of the property if you pay LMI, which can be capitalised on the principal amount; however, this will attract a higher interest rate. For refinancing and debt consolidation, the maximum LVR is 90%.
  • 100% offset account. Save money on interest payments by depositing funds in your offset account.
  • Flexible repayments and repayment options. Principal and interest payments are available, as well as interest-only for up to ten years. You can also make extra repayments without penalty.
  • Split facility. Split your loan up to six times for free. This will see your loan split into both fixed and variable portions, so you can enjoy some of the benefits of both. You can also use a portion as a line of credit facility at no extra cost.
  • Portability. Your State Custodians loan is portable. If you need to move houses, you can move the loan to the new property provided you meet the conditions. This helps you avoid exit fees when leaving your loan, and upfront fees when taking out a new one.
  • Get access to any extra repayments you've made. You can access any additional repayments you've made through the online redraw facility. The minimum redraw amount is $100.
  • Fixed rate option. You can switch to a fixed rate at no extra cost.

What fees and charges come with this loan?

  • Portability fee: $499. Should you decide to move properties and keep your loan with you, this fee will be charged.
  • Application fee: $0. This fee is typically charged to cover the cost of setting up the paperwork and your account.
  • Property valuation: $0. This covers the cost of sending a valuer to the security property to determine its value.
  • Title discharge fee: $300 plus legal. This is payable when you've paid off the loan and State Custodians transfers the land title back to you.
  • Stamp duty, legal fees, registration, title insurance: Varies. This includes the cost of using a third party conveyancing service, other government charges for processing the paperwork and stamp duty costs. Check with your local Office of State Revenue to see if you're eligible for any concessions.

How to apply

If you would like to apply or find out more information about this loan, please click on "Go to site" to be taken to the State Custodians website.

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