Cancellations

Genworth may provide a partial refund of lenders mortgage insurance (LMI) premium when an LMI policy is cancelled within the first two years.

No refund is payable where:

  • separate arrangements are in place with the lender for a reduced LMI premium rate in lieu of taking premium refunds; or
  • 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 three months after repayment of the insured loan; or
  • the refund amount is less than $500; or
  • a loss has eventuated; or
  • the loan has been reported to Genworth to have had arrears.

Any enquiries received by Genworth from borrowers regarding refunds will be forwarded to the lender to address.

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

Period from date of premium payment to date when loan has been repaid in full Refund payable*
1 year or less 40%
Over 1 year to 2 years 20%

Where do I send policy cancellations?

All refunds (where payable) are made only to the financial institution. 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 and paid.

The most efficient option for sending discharge/cancellation details is to email the data to the dedicated Information Processing team at cancellations.au@genworth.com. The team can also be contacted on 1300 655 422. As long as all of the required data fields (see below) are submitted, hardcopies of cancellation forms do not need to be submitted.

What information do I need to send in?

If you can provide the Genworth LMI policy number, the following details are required:

  • Genworth LMI policy number
  • your reference number
  • discharge date
  • borrower name
  • borrower address
  • your contact name
  • your contact address.

If you are unable to provide the Genworth LMI policy number the following details are required:

  • your reference number
  • borrower name
  • borrower address
  • security address and postcode
  • loan amount
  • discharge date.

How can I send a cancellation request?

There are two ways to send cancellation requests - as a batch, or individually.

If you would like to send cancellation requests as part of a batch please use the Batch Policy Cancellation spreadsheet.

If you would like to send a request to cancel an individual policy, please use the Policy Cancellation form.

Batch cancellation request

Individual cancellation request

Questions?

For further details please contact Genworth on 1300 655 422 between 9am and 5pm Monday - Friday or by email at cancellations.au@genworth.com, or contact your Genworth Corporate Partnership Manager.

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