Lenders’ Mortgage Insurance
Lenders’ Mortgage Insurance can help you buy your home sooner, if you have a smaller deposit.
It's a one-off cost that's added to your home loan (so you don’t have to pay anything upfront) and allows you to borrow more than 80% of the property value for standard home loans, or 60% of the property value for Low Doc Home Loans.
For example, if you want to buy a house that’s $500,000 and you have a deposit of $60,000, we could normally only lend you $400,000 towards the price of the property. However, if your income could support the loan and you took advantage of Lenders’ Mortgage Insurance, we could lend you the full $440,000 that you need to buy your new home*.
Lenders’ Mortgage Insurance is designed to protect us against the risks of providing you with a home loan, in the event that you default on repayments.
Speak with a Home Lending Specialist to see how Lenders' Mortgage Insurance can benefit you, by making an appointment online, call us on 13 2224 or visit your closest branch.
Applications for finance are subject to the Bank’s normal credit approval. Full terms and conditions are included in the Loan Offer. Fees and charges are payable.