ownership possible The benefi ts of Lenders Mortgage Insurance for Borrowers July 2009

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1 making home ownership possible The benefi ts of Lenders Mortgage Insurance for Borrowers July 2009

2 making home ownership possible Achieving the dream of home ownership is one of the most exciting accomplishments in life and is likely to be the largest investment you may ever make. In simple terms, lenders mortgage insurance can help you purchase your home sooner. Lenders mortgage insurance was introduced into Australia in 1965 to help fi rst home buyers bridge the deposit gap. Before lenders mortgage insurance, lenders often required a deposit of at least 20%. Now, with lenders mortgage insurance, you may only need a smaller deposit. This helps free up more of your cash to pay for other priorities and may also enable you to achieve your dream of home ownership sooner. 1

3 What is Lenders Mortgage Insurance? Lenders mortgage insurance covers your lender in the event you default on your home loan. If the property is sold, and the amount from the sale is not enough to repay your outstanding loan balance in full, this insurance will cover the lender for the shortfall. This insurance helps lenders broaden the net of who they are prepared to lend to by taking some of the risk out of lending money for residential property. It means that more people are likely to get a loan and the home they want sooner. Lenders mortgage insurance should not be confused with mortgage protection insurance, which covers borrowers for the payment of their mortgage instalments in the event of unforseen circumstances including unemployment, illness or death. Premium for mortgage protection insurance is generally paid annually and can vary depending on the outstanding balance of the loan. Lenders mortgage insurance involves a one-off premium payment which covers your lender for the life of your mortgage. How does lender s mortgage insurance benefit me? Lenders mortgage insurance allows you to enter the property market and start to build equity in your own home sooner than you might have fi rst thought: Buyers with a smaller deposit than normally required are able to borrow without being penalised with a higher ongoing interest rate. Buyers with a deposit of 20% or more are provided with choice. By choosing to use lender s mortgage insurance and outlay a smaller deposit than required, lender s mortgage insurance offers borrowers the potential to free up cash for other priorities such as furnishings, renovations or additions. Buyers looking for an investment property can secure higher borrowing ratios, giving them the opportunity to leverage off the associated benefi ts of negative gearing. Who uses lender s mortgage insurance? Lenders mortgage insurance is taken out by banks, building societies, credit unions and other non-bank lenders. Lenders mortgage insurance providers are heavily regulated by government authorities to make sure the insurers hold enough money in reserve to pay all likely claims. These reserves, with government regulation, give lenders the confi dence to offer competitive loan terms to prospective home buyers. This shows the important role that QBE LMI plays in the home loan lending market. 2

4 making home ownership possible But I already have Mortgage Protection Insurance? Don t confuse lender s mortgage insurance with mortgage protection insurance - They serve two very different purposes: Lenders mortgage insurance protects the lender against you defaulting on your home loan etc. Mortgage protection insurance protects you and payment of your mortgage instalments in the event of things such as death, disablement, unemployment etc. How much is lender s mortgage insurance and how is it paid? Unlike many insurance products, the fee for lenders mortgage insurance is usually charged as a one-off premium at the start of the loan and provides cover for the life of the loan. The fee amount will vary depending on how much money you are borrowing, the type of loan you are taking out and the size of your deposit. Depending on your lender, type of loan and lender s mortgage insurance product, it may be possible to add the lender s mortgage insurance premium to your overall loan amount requiring no upfront payment. Borrowers should ask their lender about this option. What does QBE LMI insure? QBE LMI insures mortgage loans for residential property in Australia, New Zealand and Asia. This includes houses, townhouses, home units, villas, vacant land and semi-detached homes. Each individual property and the proposed loan are reviewed against established criteria to determine if lenders mortgage insurance will be offered for a particular loan. 3

5 There s no need to worry your lender will prepare and provide you with all the necessary documentation and information should your mortgage require lenders mortgage insurance. Are there any hidden fees or charges? The banking and fi nancial sector is heavily regulated and lenders are required to disclose any fees and charges associated with mortgage lending. This is one of the reasons why the cost of lender s mortgage insurance is treated as a separate component of the cost of a mortgage. Are GST and stamp duty on my lenders mortgage insurance fee payable? GST and stamp duty will generally be payable on all lender s mortgage insurance premiums. The amount will depend on the structure of the mortgage insurance provider and the State in which the security property is located. Where applicable, this amount is included in the cost quoted to you through the lender. How do I qualify for and obtain lender s mortgage insurance? There s no need to worry your lender will prepare and provide you with all the necessary documentation and information should your mortgage require lenders mortgage insurance. In order to qualify your lender will check to ensure you are able to make the repayments on your loan, and that the property you want to purchase meets the appropriate lenders mortgage insurance underwriting guidelines. It is then the role of your lender to make the relevant application for lenders mortgage insurance. 4

6 making home ownership possible Whose responsibility is it to inform me if I need lenders mortgage insurance and the cost? Your lender will assess your initial mortgage loan application, taking into account aspects such as your savings, deposit amount, credit history, current employment and income. After this assessment, your lender will inform you if lenders mortgage insurance is required and the associated cost. What happens if I can t repay my mortgage on time? If you have a short term fi nancial problem, call your lender to discuss the issue and they will help you work out the solution. If you are experiencing more serious diffi culties, please contact your lender who will work with you towards the best possible outcome. Who can I speak to if I have more questions? You may well have some more questions. If this is the case then please don t hesitate to contact your lender. Alternatively, you can contact the Insurance Council of Australia (ICA) or Mortgage & Finance Association of Australia (MFAA) for more details. ICA (02) MFAA

7 Who is QBE LMI QBE LMI provides lenders mortgage insurance to the lending industry in Australia, New Zealand and Asia. With our powerful combination of experience, relationships and resources, QBE LMI gives strength to our 40 plus years experience in Australia - and 25 years in New Zealand. Our reputation for service and innovation build upon our solid history. Our ability to identify, develop and roll-out fl exible products and services means we can adapt and evolve with our clients changing and developing needs. Our expertise in helping to manage and reduce risk serves the same end as those of our clients; to help make the dream of home ownership possible for more people. 6

8 talk soon Sydney Level 21, 50 Bridge Street Sydney NSW 2000 PO Box R1547 Royal Exchange NSW 1225 PH: FAX: Melbourne Level 34, 385 Bourke Street Melbourne VIC 3000 GPO Box 2966 Melbourne VIC 3001 PH: FAX: Brisbane Level 1, 12 Creek Street Brisbane QLD 4000 GPO Box 1278 Brisbane QLD 4001 PH: FAX: Adelaide Level 1, 70 Pirie Street Adelaide SA 5000 GPO Box 2404 Adelaide SA 5001 PH: FAX: Perth Level 3, 89 St Georges Terrace Perth WA 6000 PH: FAX: New Zealand The National Bank Tower Level 7, 205 Queen Street Auckland 1010, New Zealand PH: FAX: Hong Kong Unit , 34/F - Gloucester Tower The Landmark 11 Pedder Street Central - Hong Kong PH: FAX:

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