News Archive 2011-2010
Genworth Financial appoints Tony Gill as new independent Australian board member
24 May 2011
Genworth Financial today announced the appointment of banking and securitisation professional Tony Gill as a new independent director of its board in Australia.
Genworth CEO Ellie Comerford said that Tony Gill's appointment brings a new depth of finance, strategy and mortgage market expertise to the Australian Board, which will help guide Genworth to reach its strategic goals and continue to meet the needs of its customers in a changing market environment.
Genworth announces expanded hardship assistance
17 May 2011
Genworth Financial (Genworth) today announced an expanded hardship solutions package for borrowers experiencing longer term hardship due to natural disasters.
The overwhelming majority of borrowers who have sought assistance after the recent natural disasters are experiencing hardship due to temporary loss of income. The scale of these events means that, for a number of borrowers, this issue may not be resolved for some months to come.
Working closely with lenders, the new package expands existing initiatives to support extended loss of income, offering a range of repayment break options such as a 50% repayment break for a further 3 months on qualifying loans.
‘Opportunity or obstacle?’ – The Adviser
May 2011
Lenders mortgage insurance is a misunderstood but often essential tool to help first time buyers enter the property market. The Adviser asked some of Australia’s leading brokers how they address the topic with their clients and how they overcome common misconceptions
Natural disasters tip confidence
30 March 2011
The Second Edition of the Genworth Homebuyer Confidence Index reveals homebuyer confidence across Australia has dipped by 1.5% since September 2010 - the second consecutive fall since the launch of the index last year. Despite Australia's relatively strong economic performance, this fall was driven by decreased confidence in the natural disaster affected regions of Queensland and Western Australia coupled with growing concern amongst Australian homebuyers about the rising cost of living.
'Portability could push LMI premiums up: Genworth' - The Adviser
23 March 2011
Making Lenders Mortgage Insurance fully portable could do more harm than good, Genworth's chief executive Ellie Comerford has claimed. Speaking to The Adviser, Ms Comerford said Treasurer Wayne Swan's proposal to make LMI transferable for borrowers would not work for a couple of reasons.
'Dealing with hardship' - Mortgage & Finance Brief
Feb-March 2011
As per our Borrower Relief Package parameters, the following options are viable to borrowers experiencing genuine hardship:
Christchurch Earthquake - Borrower Relief Package
22 February 2011
In response to the extensive damage to property caused by the earthquake today in Christchurch, Genworth Financial (Genworth) has announced hardship relief parameters in support of the borrowers affected by this event.
Where, in respect of any Genworth insured loan, you identify a genuine hardship case as a direct result of the earthquake in Christchurch and the affected borrower requests a temporary deferment of monthly repayments, Genworth advises that the following assistance is available:
- Up to 3 months interest capitalisation
- Loans will not be regarded as being in arrears during this period
- The term of the loan may be increased or repayments re-calculated over the existing remaining term, at the discretion of the lender
Please note that existing delinquent loans are excluded from this offer but should be referred to our Hardship Solutions team for review hardship@genworth.com.
Please liaise with your funder, where appropriate, to arrange hardship assistance if required. For further details please contact your Genworth Relationship Manager.
Our thoughts are with those affected by this disaster.
Genworth donates to the Premier's Disaster Relief Appeal
16 February 2011
Genworth organised an internal global fundraiser for the Queensland Premier's Disaster Relief Appeal, with Genworth Australia giving $20,000, a large portion of which is made up of donations from employees. In addition, Genworth's philanthropic organisation, the Genworth Foundation, has contributed $20,000, bringing the total contribution to $40,000.
All donations will be given to the Queensland Premier's Disaster Relief Appeal, and will go towards providing not only shelter, food and clothing, but also long-term, sustainable support to help out the victims of the floods.
The Queensland floods have been just one of the natural disasters that have hit Australia this year, with the floods in northern New South Wales, Victoria and Tasmania and Perth bushfires happening shortly thereafter. Our sympathies go out to all that have been affected by these distressing events.
Cyclone Yasi and bushfires in Western Australia - Borrower Relief Package
07 February 2011
In response to the extensive damage to property caused by cyclone Yasi and the recent bushfires in Western Australia, Genworth Financial (Genworth) has announced hardship relief parameters in support of the borrowers affected by this event.
As per our Borrower Relief Package parameters, the following options are viable to borrowers experiencing genuine hardship:
- Up to 3 months interest capitalisation
- Loans will not be regarded as being in arrears during this period
- The term of the loan may be increased or repayments re-calculated over the existing remaining term.
Further assistance may be available subject to individual circumstances.
If you have any queries about our Borrower Relief Package, please do not hesitate to contact our Hardship Solutions Team at hardship@genworth.com or on Fax: 1300 135 759, or your Genworth Sales Manager.
'Financial services sector offers flood relief' - The Adviser
31 January 2011
With the flood waters now subsiding, Australia's majors have all offered increased emergency assistance including the suspension of mortgage and credit card payments for up to three months, an immediate raise in credit limits, the waiving of most fees on new personal and business loans, and no penalties for customers withdrawing term deposits...
Floods update
20 January 2011
Further information on our Borrower Relief Package, our Brisbane office and details of a dedicated relief team setup to answer your queries relating to flood affected borrowers. We are also continuing our fundraising efforts for the Premiers Disaster Relief Appeal, adding to the $30,000 already raised.
Natural Disasters - Borrower Relief Package
19 January 2011
In addition to the hardship relief parameters recently announced by Genworth relating to the Queensland and New South Wales floods, we wish to confirm the extension of these parameters for Genworth insured loans to borrowers who have been affected by the Victorian or Tasmanian floods, or the Western Australian bushfires.
Floods in Queensland and northern NSW
14 January 2011
In response to customer enquiries relating to the floods affecting Queensland and northern NSW, Genworth has produced a preliminary list of flood affected suburbs, as well as provided guidelines on a range of issues to ensure a consistent approach.
Queensland floods - Genworth update
13 January 2011
As advised on Tuesday, our Brisbane office has been evacuated due to the floods in Queensland and at this stage will remain closed until Monday 17th January. All processing has been directed to other states and we continue to do what we can to provide uninterrupted service levels. We thank you in advance for your understanding.
Genworth's thoughts go to all those affected by the Queensland floods
11 January 2011
As a result of the floods in Queensland, all Genworth staff in Brisbane have been evacuated and the office is closed until further notice. Our Brisbane contact numbers remain unchanged and communications have been diverted to the Sydney office.
Queensland floods - Borrower Relief Package
5 January 2011
In response to the extensive damage to property caused by the floods in Queensland, Genworth has announced hardship relief parameters in support of the borrowers affected by this event. There are a range of options to suit individual borrower circumstances.
Genworth announces borrower relief package for NSW floods
9 December 2010
In response to the extensive damage to property caused by the floods in NSW, Genworth has announced hardship relief parameters in support of the borrowers affected by this event.
Genworth Financial UK launches The Genworth Index
November 2010
Genworth Financial UK launches the fourth edition of The Genworth Index, a measure of consumer financial vulnerability across 18 countries in Europe, North America and Australia. The research, conducted across 14,000 households, incorporates a measure of the level of financial difficulty experienced by the household and the household's expectations for their own future financial position.
Genworth Financial launches Home Grown: Mortgage Industry Perspectives
15 November 2010
The inaugural Genworth Financial Home Grown: Mortgage Industry Perspectives report reveals the findings of one of the most comprehensive industry surveys undertaken of the Australian mortgage market. The report features the results from a survey of over 500 industry participants from all industry segments, and includes contributions from many of you. It provides a deep-dive into the opinions of lenders, brokers and mortgage industry experts on lending volumes, changes within the market, borrower hardship and the outlook for lending.
'Leading the way in changing times' - MPA Magazine
October 2010
In times of change, the quality of leadership plays a pivotal role in determining how successful a new environment will be for an industry. We are experiencing such a time, as the global mortgage industry evolves, and consequently results in changes in our approach to licensing and regulation in Australia. Paul Caputo explains.
Genworth Announces Appointment of CEO for Australia and New Zealand
5 September 2010
Genworth today announced that Ellie Comerford will join Genworth Australia as president and chief executive officer. Comerford will also become an officer of the global parent company, Genworth Financial, Inc.
'New confidence index a window on homebuyer sentiment' - MPA Magazine
September 2010
In order to better understand the Australian borrower, Genworth Financial has launched its Homebuyer Confidence Index to see what drives homebuyer confidence and what is affecting their property purchasing decisions. Paul Caputo explains.
Genworth Financial launches Homebuyer Confidence Index
17 September 2010
Leading lenders mortgage insurer Genworth has today launched the Genworth Homebuyer Confidence Index (GHCI) - a single measure of borrower and would-be borrower sentiment.
'Broker Roundtable: The cost of opportunity' - The Adviser
August 2010
Lenders mortgage insurance is a misunderstood but often essential tool to help first time buyers enter the property market. The Adviser examines how veteran brokers address the topic with clients, and turn what is sometimes perceived as a negative into a positive.
'Quick step past the rental trap' - First Property Buyer
August 2010
Rising property prices and rents are making saving for a deposit difficult for a large number of Australians. But there is a way first time buyers can leapfrog years of deposit saving and realise their dream of home ownership sooner, by using lenders mortgage insurance (LMI).
'How soon is now?' - MPA Magazine
August 2010
High loan-to-value lending has played an important role in supporting the first homebuyer market in Australia since the federal government introduced lenders mortgage insurance in 1965, says Paul Caputo.
'Combating fraud' - MPA Magazine
July 2010
The National Consumer Credit Protection (NCCP) legislation came into effect on 1 July 2010, enshrining into law responsible lending obligations. Having a process in place to mitigate fraud is part of this process, and so brokers and lenders may need to look at ways to bolster their verification and validation procedures, as Craig Mackenzie explains.
Genworth Servicing Calculator and LMI Underwriting Policy Update
11 June 2010
The Genworth Financial Servicing Calculator and LMI Underwriting Policy have been updated to reflect policy changes effective 11 June 2010.