7.2 Loan Discharges - Cancellations

• The Lender should advise Genworth as soon as the loan has been fully repaid so that the policy can be cancelled in our system and any refund due calculated. Please include your loan number, Genworth reference number, the borrower name and the date of the final payment.
• No refund is payable where:
  • separate arrangements are in place with the Lender for a reduced premium rate in lieu of taking premium refunds
  • the loan is repaid within one year of the maturity date of the mortgage; or
  • the notification of cancellation of the policy is received by Genworth more than 3 months after repayment of the insured loan; or
  • the refund amount is less than $150.00; or
  • a loss has eventuated; or
  • the loan has been reported to Genworth to have had arrears.
• Any enquiries made to Genworth from borrowers regarding refunds will be forwarded to the Lender to address.

See below for the current refund rate table, which is subject to change:

Note: Period of Insurance commences from the date of premium payment to the date the loan is fully repaid (if notified to the Insurer within 3 months of that date), or the date on which written notice is received from the Insured that the policy is to be cancelled.

⁴ Based on the total LMI premium paid less any rebate paid to the lender.