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Mortgage Protection Insurance

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A new roof over your head? Cover your home loan at the same time

A nest, a castle, a crash pad or a retreat? A new home represents something different to everyone. But for nearly all of us, it will become one of our most significant assets.

And for all the buzz and pleasure in buying a new home, there’s also a fair amount of stress, not least in taking on the responsibility of a mortgage – usually a long-term commitment. Because we all know that down the track, life’s magic moments may be tempered with some not so happy, but equally major, events.

Competitive, convenient cover, backed by QBE

Mortgage Protection Insurance is one of a comprehensive range of insurance solutions South West Credit offers through our association with QBE Insurance.

Founded in 1886, QBE is one of Australia’s leading insurers. It’s because of QBE’s experience, security and strength – as well as it’s prompt, efficient and friendly claims service – that we’ve made it our exclusive general insurance provider.

This partnership enables us to deliver South West Credit members great value and quality insurance products, with all the convenience of still keeping your finances under the same roof.

A choice of cover options

Depending on your own circumstances and dependents, you can tailor your Mortgage Protection policy to provide cover in a range of situations.

Life
In the event of your death, either the original balance of your mortgage or an amount selected by you will be paid.

Trauma
You are automatically covered up to $10,000 in the event of major diagnosed diseases and conditions, including chronic kidney failure, heart attack, coronary artery surgery, stroke, major organ transplant and cancer. It’s not a mortgage repayment, but an additional benefit proportionate to the amount of cover you select. You may elect to increase this cover to a maximum of $50,000.

Disability
If you become unable to work due to illness or injury, this ensures your monthly loan repayments will be met.

Involuntary Unemployment
Should you involuntarily lose your job, this cover will meet your repayments up to a maximum $15,000.

  Learn more about the benefits of Mortgage Protection Insurance
Cover Benefit Main Conditions
Life Cover

In the event of your death, pays the

  • Original balance of your mortgage or
  • The amount of cover selected by you as shown the policy schedule
 Cover available up to a maximum of $500,000
Trauma Cover

Pays the amount of cover selected by you in the event of positive diagnosis of any of the listed diseases or disabilities.

Automatic cover of $10,000.

You may elect to increase cover in multiples of $5,000 up to $50,000.
Disability Cover

We will pay your Financial Insitution for each day of Disability 1/30th of either:

a) the minumum monthly repayment required shown on the loan contract when it was first entered into; or

b) the minimum monthly repayment amount required under the loan contract on the date your Disability first occurred; whichever is the lesser.

If you selected an amount as a monthly benefit, then we will pay that amount selected by you and shown on the Policy Schedule.

 Maximum payable regardless of the number of claims made during the period of insurance is $200,000.
Involuntary Unemployment Cover

We will pay your Financial Insitution for each day of Involuntary Unemployment 1/30th of either:

a) the minumum monthly repayment required shown on the loan contract when it was first entered into; or

b) the minimum monthly repayment amount required under the loan contract on the date your Involuntary Unemployment first occurred; whichever is the lesser.

If you selected an amount as a monthly benefit, then we will pay that amount selected by you and shown on the Policy Schedule.
Maximum payable regardless of number of claims made during the period of insurance is $15,000

Sign up now, with flexible payment options

With South West Credit, you can arrange both your mortgage and mortgage protection insurance at the same time, giving you one less thing to worry about.

For convenience, your premium can be included with your loan repayments, or you can pay upfront - whatever suits you best.

More Information

Questions?

If you have any questions, or to get a free quote Contact Us