About the Lenders Mortgage Insurance Estimator
Depending on your lender's requirements, Lenders Mortgage Insurance allows you to
borrow up to 95% of the purchase price of your home, with a lower deposit than is
usually required.
Traditionally, lenders require borrowers to have at least a 20% deposit. However
by using Lenders Mortgage Insurance, lenders are able to offer lower deposit home loans. Lenders Mortgage
Insurance protects the lender if a borrower is unable to meet their mortgage repayments
and the property has to be sold.
If the proceeds from the sale of the property are insufficient to cover the outstanding
loan balance and other costs incurred by your lender in relation to enforcing the
mortgage, the lender is able to claim any shortfall from Genworth calculated in
accordance with the terms of the insurance policy.
Note: Lenders Mortgage Insurance should not be mistaken for Mortgage Protection
Insurance, which covers your mortgage repayments in the event of death, sickness,
unemployment or disability.
Disclaimer
This calculator provides an estimate only. The results of the premium estimator
should be used as an indication only and are based on the information provided.
An estimate is not a premium quote from Genworth Financial Mortgage Insurance Pty
Limited (Genworth) or any other Lenders Mortgage Insurance provider. Provision of
an estimate is not an indication that Genworth has approved the Lenders Mortgage
Insurance risk. The ultimate premium payable for Lenders Mortgage Insurance may
differ from the estimate provided for a number of reasons, including the personal
circumstances of the borrower, the type of loan product selected and the type and
location of the security property.