loansearcher.com.au  is a free service - which removes the confusion that a choice of over 400 lenders and 4000 products brings.

Our team of accredited and qualified brokers who will not charge you any fees, are  here to help you make the right product choice, from a range of home loan options with flexible features and competitive interest rates.  We also pride ourselves on our willingness to answer your questions and providing great customer service.

If you are ready to have a broker help you achieve your goals – please fill in the details in our short Enquiry Form.

When you take out a mortgage on a property, it is likely you will be offered Mortgage Insurance.  Mortgage Insurance covers you for missed payments over an extended period (over 30 days) in the result of injury, sickness or unemployment.
Mortgage Insurance also allows for people who fall into risk categories like the elderly and blue collar workers a greater chance of obtaining a mortgage. However, if you do fall into those categories your premiums will invariably be higher.

Who needs Mortgage Insurance?
Mortgage Insurance is not required by law but often is required by the money lender who is offering the mortgage. This is especially true if they are offering a mortgage to someone who has had a patchy employment record or is in a high risk group such as a pensioner.

Also known as Mortgage Payment Protection, Mortgage Insurance is suggested for anyone who has a standard style mortgage, as it replaces your payments if you are unable to meet your mortgage due to injury or long term illness. More innovative mortgages offer payment breaks for long periods of time and may make mortgage insurance unnecessary.

What typically does Mortgage Insurance policy cover?
Mortgage Insurance generally covers mortgage payments for periods of between 12 months and 5 years.  If you are unable to meet your mortgage payments because of sickness, injury or unemployment then your insurance will begin. The only conditions normally placed are that you would have to been ‘out-of-action’ for a period longer than 30 days, your unemployment voluntary or your illness elective (eg cosmetic surgery).

What typically does mortgage insurance policy not cover?
If you become critically ill and are unable to pay any mortgage payment again, this is not covered as standard. As indicated earlier, mortgage payments are normally covered for up to five years. The critical illness cover inclusion normally means your mortgage will be paid off in full in the event of a major event such as cancer or a stroke. Some of the higher quality insurance providers will allow for this automatically but it is by no means a standard inclusion.

More information:

For all your questions, contact a Consultant on   Freecall 1800 080 129