Protect what matters - your home, your belongings, and your future.
Protect what matters most
“Insure your home, its contents, your portable belongings, or your investment property. Choose the coverage that fits your life.”
FAQS
Frequently Asked Questions
Q: What's the difference between Lenders Mortgage Insurance (LMI) and other types of insurance?
A: This is one of the most common points of confusion for homebuyers. LMI is a mandatory, one-off fee you pay to the lender if you are borrowing more than 80% of the property’s value. It protects the lender, not you, against the risk of financial loss if you default on your loan and the sale of the property doesn’t cover the outstanding debt. Other types of insurance, like building and contents insurance or income protection, are designed to protect you as the borrower.
Q: Do I need building insurance when I get a home loan?
A: Yes, in most cases, your lender will require you to have building insurance in place before the loan settles. This is to protect their financial interest in the property. If the property is a house, you are responsible for getting this insurance yourself. If you are buying a unit or apartment in a strata building, the building insurance is typically covered by the body corporate, and you will just need to provide your lender with proof of this.
Q: Is it a good idea to get income protection insurance with my loan?
A: While not a mandatory requirement for most loans, income protection is highly recommended, especially with a large debt like a mortgage. It provides a monthly benefit (typically up to 75% of your income) if you are unable to work due to illness or injury. This can be a financial lifesaver as it helps you continue to meet your loan repayments and other living expenses, providing peace of mind in case of unexpected circumstances.
Q: What is Title Insurance and should I consider it?
A: Title insurance is a one-off policy that protects you as the property owner from legal risks related to the property’s title. It covers issues that may have occurred in the past but are only discovered after settlement, such as illegal structures built without council approval, boundary discrepancies, or errors in public records. While not mandatory, it is a recommended protection against unforeseen issues that could result in significant legal or financial costs down the track. Your conveyancer can help you assess if it’s right for your property.