If you’re experiencing difficulties meeting your home loan repayments, one of the hardest decisions you’ll have to make is to sell your property.
Lenders Mortgage Insurance gives Members the opportunity to purchase a property without a 20% deposit. It makes it possible for us to support your purchase, while protecting us from a loss if your property has to be sold and is sold for less than the amount owing on the home loan.
Lenders Mortgage Insurance protects us from a loss. If there is an amount outstanding after the sale of the property, we may make a claim under the Lenders Mortgage Insurance. Helia Financial Mortgage Insurance Pty Limited (Helia) is the provider or underwriter of Lenders Mortgage Insurance. If Helia pays our claim, Helia may choose to recover the amount of the claim and any other costs, directly from you.
It is important to note that Lenders Mortgage Insurance does not protect you or any guarantor. It should not be confused with Mortgage Protection Insurance which is a separate insurance policy that protects you if you are unable to make repayments on your loan. Therefore, Lenders Mortgage Insurance does not stop you from being liable for any shortfall that may arise if the sale of your property does not fully repay your debt to us.
If your home loan has Lenders Mortgage Insurance, Helia’s team of Loss Mitigation consultants’ include qualified real estate agents who will work with you and us on any borrower shortfall sale scenario providing guidance and recommendations on:
- Timeframe to sell
- Real estate marketing campaigns
- List price and sale offers
- Costs that Helia may cover such as moving costs
- A portion of debt release of the shortfall claim amount
With the support of Helia’s property experts, the team can help you sell your property to allow you to exit the property in a dignified and most cost-effective manner.