Why QBE for LMI?
QBE LMI has helped borrowers realise their property goals for over 50 years. By working closely with our lenders since 1965, we’ve helped home buyers get on the housing ladder sooner.
What is LMI?
In Australia, lenders’ mortgage insurance (LMI) is a type of insurance that protects lenders in the event that a borrower defaults on their home loan and the proceeds from the sale of the property are not sufficient to cover the outstanding mortgage balance.
LMI is typically required by lenders when a borrower has a deposit of less than 20% of the property’s purchase price. It’s important to note that LMI primarily protects the lender, not the borrower, even though the borrower pays the premium for the insurance.
While LMI primarily protects the lender, it also offers significant benefits to borrowers. It allows them to secure home loans sooner, even without the typical 20% deposit, helping them break the rental cycle.
Understanding LMI
Tools and resources
We offer online tools like our downloadable forms to help lenders simplify the application process and make working with us easier. Use the servicing calculator, Location Wizard, or our online portal, LMI Connect. Learn about mortgage insurance for securitisation trusts.
Green LMI
Designed to encourage and increase affordability of green home ownership*, we offer a 5% rate reduction for LMI purchased through our exclusive partners.
This first-to-market benefit is available to LMI customers purchasing or refinancing new or existing homes, or seeking construction loans, with a green mortgage through National Australia Bank (NAB) or Bank Australia.
Credit reporting
Credit checks are essential when buying a home because they provide an insight into your financial history and ability to manage debt.
As part of the home loan application process, your lender and QBE may seek a credit check. It helps assess the risk of lending you money for a mortgage, determining whether you’re likely to make timely payments.
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* QBE LMI provides a rate discount to its participating exclusive partners for green home loans which meet their and QBE LMI’s green mortgage eligibility criteria and where the LVR is greater than 80%. Subject to QBE LMI approval and minimum LMI premium.