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CreditSmart - COVID-19 payment pauses and deferral (updated 9 August 2021)

As the challenges of COVID-19 continue, payment pause or deferral assistance offered by lenders is here to assist Australians through these difficult times so they can get back on track once the recovery begins.

We are here to support our lending partners and their customers during this time.

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Understanding LMI

Achieving the dream of home ownership can be one of the most exciting times in your life. It can also be one of the most difficult to achieve due to the length of time it can take to save the traditional 20% home deposit required by your bank.

Lenders’ Mortgage Insurance (LMI) provides lenders with a way to accept a smaller deposit from you. By reducing the deposit required, you may be able to purchase a home much earlier, or buy a better located or better-quality property, than your deposit would otherwise have allowed.

Discover more about LMI