Eligibility

How do I know if I’m eligible for Home Loan Compassionate Care?

Check the eligibility criteria to see if you’re eligible for Home Loan Compassionate Care.

Do I need to sign up to Home Loan Compassionate Care?

No, Home Loan Compassionate Care is complimentary protection that comes with your eligible home loan. There’s no need to sign up to or activate it.

Does Home Loan Compassionate Care cover existing CommBank customers?

Yes, both new and existing customers are covered, provided you meet the eligibility criteria.

If I have claimed an insurance benefit through an insurer, am I still eligible for benefits?

Yes, provided you hold an eligible home loan and the insured person meets the eligibility requirements.

What if I don’t meet the age requirement but my spouse or dependant does?

If your spouse or dependant meets the age requirement and is medically certified with a terminal illness or passes away, you may still be able to claim provided you have an eligible home loan.

Am I covered for Home Loan Compassionate Care if I took out my home loan through a broker?

Yes, provided you meet the eligibility criteria.

Are there any exclusions or limitations?

Yes – see Limitations & exclusions for when these would apply.

Definitions

Who is covered under Home Loan Compassionate Care?

To be covered under Home Loan Compassionate Care, an insured person is you (the borrower), your spouse or your dependant.

When does a borrower qualify as an insured person?

A borrower qualifies as an insured person if they are between ages 18 and 59 (inclusive) at the time of the claim event.

What does it mean to be medically certified with a terminal illness?

This occurs when a medical specialist certifies in writing that you, your spouse or dependant suffers from a terminal illness. A terminal illness is an illness or injury that will likely result in death within 12 months.

Who is a spouse?

A spouse is a person who, at the time of the claim event, is between 18 and 59 (inclusive) and is:

  • legally married to the borrower; or
  • living with the borrower on a genuine domestic basis in a relationship as a couple, and has done so continuously for the past 12 months (and is not related to the borrower by blood).

 

Who is a dependant?

A dependant is a person who, at the time of the claim event, is 18 or under and is:

  • the biological or legally adopted child or step-child of the borrower; or
  • under the legal guardianship of the borrower, including a foster child; or
  • related by blood to the borrower and living with, and financially dependent on, them.

Making a claim

When can a claim be made?

A claim event happens if you, your spouse or dependant is medically certified with terminal illness or passes away. 

Who is assessing my claim?

We refer your claim to our insurer, The Colonial Mutual Life Assurance Society Limited (CMLA) for assessment. CMLA is part of the AIA Group. 

I had an open home loan at the time of a claim event but it is now closed. Can I still submit a claim?

Yes, provided your eligible home loan was open at the time of the claim event and the claim event was on or after 24 February 2020.

Can I still make a claim if the date of the claim event was before 24 February 2020?

No. Home Loan Compassionate Care came into effect on 24 February 2020, so only claim events that happen on or after 24 February 2020 are eligible. If the unexpected happens and you aren’t eligible for Home Loan Compassionate Care, our Financial Assistance Solutions team can work with you to develop a solution tailored to your needs.

Call us on 1300 720 814 between 8am and 9pm Mon-Fri, and 9am and 2pm Sat (Sydney/Melbourne time) to request financial assistance.

I’m behind on my home loan repayments. Can I still claim?

Yes, you are still eligible to claim provided you meet the eligibility requirements. We will work with you to develop a solution tailored to your needs. If you’re not eligible for Home Loan Compassionate Care, we also have other solutions to help you get back on track financially. 

Call us on 1300 720 814 between 8am to 9pm Mon-Fri and 9am to 2pm Sat (Sydney/ Melbourne time) to request financial assistance.

Do I need to provide supporting documents when I submit the claim form?

Yes, please provide all relevant documents specified in the claim form and submit these, along with your completed claim form, to your nearest branch or by post. See the Home Loan Compassionate Care claim guide for more information.

How do I know if you have received my claim?

If you’ve given us your phone number, you'll receive an SMS in the first instance letting you know we’ve received your claim form. Our dedicated Home Loan Compassionate Care team will review your claim and perform a loan product and initial age eligibility check before submitting it to the insurer.

Can I claim more than once for the same person?

No, there is a limit of one claim event per insured person – for example, if Home Loan Compassionate Care benefits are paid for an insured person’s terminal illness, no further benefits can be claimed if they pass away. 

Benefits & payments

How is my benefit calculated?

We use your estimated monthly repayment at the time of claim event and multiply it by 12 to get your fixed benefit amount. We use this amount to make the minimum required repayments to your eligible home loan until that amount is paid out in full. Typically this covers your home loan minimum required repayments for around 12 months from the claim event, but any changes to your loan can affect the period.

Does Home Loan Compassionate Care cover my Principal and Interest repayment or Interest Only component?

Home Loan Compassionate Care continues to pay your minimum required repayment each month until the fixed benefit amount (calculated at the time of the claim event) is paid out in full. It covers your Principal and Interest repayment if you are on a Principal and Interest loan, and your Interest Only payment if you're on an Interest Only loan.

When do Home Loan Compassionate Care payments start?

Home Loan Compassionate Care payments will start once your claim is accepted. We will pay you an initial lump sum for the months that have passed between the date of claim event and the date we process your first payment. We then use the remainder of the benefit amount to pay the minimum required repayment on your home loan each month until the benefit is paid out in full.

What happens if there are changes to my loan?

Any changes to your loan that cause your minimum required repayment to increase or decrease will impact how long Home Loan Compassionate Care payments run for. This means the Home Loan Compassionate Care payments may run for longer or shorter than the usual 12 months, depending on whether the changes to your loan increase or reduce your minimum required repayments.

Can I change my Home Loan Compassionate Care payments from monthly to fortnightly or weekly?

No, Home Loan Compassionate Care payments are paid into your home loan on a monthly basis. You can still make additional repayments under your home loan on a monthly, fortnightly or weekly basis.

Additional repayments may allow you to pay down your loan faster and build available redraw, but may incur additional fees and charges if you have a Fixed Rate loan. Find out more about Early Repayment Adjustments.

Other insurances

What is the difference between Home Loan Compassionate Care and Home Loan Protection?

Home Loan Compassionate Care provides limited protection for a period of time if an eligible borrower, spouse or dependant passes away or is medically certified with a terminal illness, while Home Loan Protection provides protection for a range of life events, including:

  • Paying up to 12 months’ worth of your minimum monthly repayments if you're unable to work due to an injury or illness or because you lose your job involuntarily;
  • Paying a lump sum up to $75,000 off your home loan if you're diagnosed with a medical trauma; and
  • Paying off your remaining home loan up to $750,000 if you pass away.

For further information, please refer to the Home Loan Protection Product Disclosure Statement (PDS).

Note: new applications for Home Loan Protection, issued by CMLA, are no longer being accepted.

Do I need insurance in addition to Home Loan Compassionate Care?

You should consider seeking financial advice before making any decision about your insurance or financial needs.

Home Loan Compassionate Care provides limited protection and is designed to make your home loan repayments typically for around 12 months from the claim event. It is not a substitute for comprehensive mortgage or life insurance and is not intended to replace any existing insurances you may have.

Will my Home Loan Compassionate Care benefit be reduced if I have other insurance policies?

No, your Home Loan Compassionate Care benefit will not be reduced if you have other insurance policies, for example Home Loan Protection. You should check your other insurance policies to see if Home Loan Compassionate Care benefits will reduce your eligible benefits under these policies.

Other FAQs

Will this impact the interest rate on my home loan?

No, your interest rate won’t be impacted because of Home Loan Compassionate Care. However, additional fees and charges may apply to any additional repayments you choose to make while you're being paid benefits if you have a Fixed Rate home loan. Find out more about Early Repayment Adjustments.

Where can I go for more information?

For more information, download the Home Loan Compassionate Care Information Booklet or call us on 1800 319 457 between 8am and 5pm (Sydney/Melbourne time), Monday to Friday.

Things you should know

Home Loan Compassionate Care is underpinned by a group policy held by us with the insurer, The Colonial Mutual Life Assurance Society Limited (CMLA), ABN 12 004 021 809, AFSL 235035. CMLA is part of the AIA group.

For more information, download the Home Loan Compassionate Care Information Booklet.

The information is of a general nature only. It does not take into account your objectives, financial situation or needs. You should consider seeking financial advice before making any decision about your insurance or financial needs.