Mortgage Insurance

When it comes to "mortgage insurance" there are usually 2 interpretations:

  • Mortgage Insurance as Lender's Mortgage Insurance (LMI), which insures your lender against non-payment or default on your residential property loan. It protects the lender against loss if you stop making your mortgage payments and they have to sell your home. But it's not protecting you or your family. It's not compulsory but Lender's Mortgage Insurance makes it possible for buyer to get a home loan with as little as a 5 per cent deposit or with no deposit at all.

OR

  • Mortgage Insurance as Mortgage Payment Protection, which covers your mortgage repayments in the event that you are unable to pay for your mortgage due to injury, illness or involuntary unemployment. However Mortgage Payment Protection only covers your mortgage payments - what about other expenses? If you are looking for a more comprehensive protection which covers additional needs such as other loans or ongoing monthly living expenses you may want to consider Income Protection.

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If you are after mortgage insurance which protects you and your family and not just your mortgage - we can help! Fill the enquiry form on the right and one of our experienced financial advisers will get back to you with access to quotes from all major life insurance companies in Australia. And if you decide to apply for cover through us - we will provide you with 20% cash rebate for your first year's 'mortgage insurance' premiums.

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Published on January 1-th, 2009 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.