8.1 Payment of LMI Premium
The Master Policy clearly sets out Genworth's requirements in respect of the payment of the LMI premium. In summary, the key requirements are as follows:
8.1.1 Timing of Premium Payment
Following approval (acceptance) of the LMI proposal, the premium must be paid to Genworth within 28 days of:
- settlement (for a property purchase or refinance); or
- the first loan advance (for any other loan purpose).
8.1.2 Lapsed LMI Approval
Where the LMI premium is not paid within 6 months of the LMI approval, the approval will lapse and will be withdrawn.
8.1.3 Relodgement Proposal
Where the LMI approval has been withdrawn and LMI is still required, a new 'Relodgement' proposal will need to be submitted with updated assessment criteria as well as a copy of the loan statement from drawdown (if the loan has been advanced).
Refer to 7.5 Conditional Approvals and Acceptance Advices for further information. An LMI Relodgement proposal can be obtained by contacting your Genworth Relationship Manager.