Mortgage Insurance

Mortgage is a system wherein one takes a loan for purchasing a property by keeping that property as a security with the lender. The property remains as a security until the borrower of the loan returns the entire debt to the creditor. If that loan is not returned in whole to the creditor the property is taken over by him. At some times certain circumstances may arise where it is not possible for the debtor to repay the loan amount. At such times it would be beneficial to insure your mortgage.



There are many points that you need to consider before getting qualified to get a mortgage insurance policy. These points include the mortgage size, the financial soundness and situation of the borrower and the kind of the property that is kept as a security.

The Mortgage insurance cost can be included in the mortgage itself by a process called capitalisation. In this process the insurance premium becomes tax deductible along with mortgage payments.


Mortgage Insurance Australia

Below are listed some of the mortgage insurance companies in Australia.

Genworth Financial
Level 23, AAP Centre
259 George Street
Sydney
NSW 2000
Australia
Phone: 1300 655 422 Fax: 1300 366 228

PMI Australia
Level 21, 50 Bridge St,
Sydney
NSW 2000
Australia
Phone:(02) 9231-7777
Facsimile:(02) 9251-5550
E-mail: info@pmigroup.com.au

Mortgage Guaranty Insurance Company of Australia
9th & 12th floors O'Connell House
15-19 Brent St.,
GPO Box 5323
Sydney
NSW 2000
Australia