Traditional lenders mortgage insurance products

Allowing more people to enter the housing market and accumulate wealth through property

Genworth endeavours to be flexible and commercial in its approach to underwriting risk – insuring loans for a range of purposes including home ownership, investment and vacant land.

We have a number of traditional lenders mortgage insurance (LMI) products to allow more people to enter the housing market and accumulate wealth through property, while at the same time providing our customers with the benefits of 100% LMI cover.

Genworth’s current range of traditional LMI products is as follows:

Standard LMI

Available for a wide range of borrowers, including first home buyers and investors wishing to access residential mortgage finance. Key features and benefits:

  • Allows borrowers to purchase their property with only a five per cent deposit
  • Loan terms of up to 40 years are available which assists in lowering repayments
  • Premium discounts may be available for first home buyers
  • Capitalisation of LMI premium available.

HomeBuyer Plus

Available for borrowers, including first home buyers, wishing to purchase or construct an owner-occupied property with limited or no savings, or those wishing to use money not sourced from their own savings as a deposit. Key features and benefits:

  • Deposit may include a family gift or the First Home Owners Grant
  • Capitalisation of LMI premium available
  • Note: for construction loans, maximum LVR is 90 per cent inclusive of LMI capitalisation
  • Premium discounts may be available for first home buyers
  • Loan terms of up to 40 years are available.

Business Select

Available for self-employed borrowers who are unable to produce current financial information or documentation. Key features and benefits:

  • Allows borrowers to purchase their property with limited evidence of income
  • Capitalisation of LMI premium available
  • Available for a wide range of purposes including: home improvements, bridging finance, vacant land, and construction.

Family Pledge

Available for borrowers, especially first home buyers with no deposit, who have an immediate family member that is willing and able to offer security support. Provides access to finance for full purchase price, plus an additional 10 per cent to cover other costs such as stamp duty, renovations or setting up their home. Key features and benefits:

  • No deposit or genuine equity required
  • Premium discounts may be available for first home buyers
  • Capitalisation of LMI premium available
  • Available for a range of purposes including purchases and construction of owner-occupied or investment property.

 

Need further information?

If you would like more information on any of these products, please contact your Genworth Corporate Partnership Manager or contact us on 1300 655 422 or infoau@genworth.com

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