Borrowers Disputes
Australian Credit Licence No. 393812
Homebuyer or guarantor where QBE LMI is undertaking recovery action
Lenders' mortgage insurance is provided by QBE LMI for the benefit of your lender. It protects your lender in the unfortunate event of you defaulting on your home loan and your mortgaged property being sold. Lenders' mortgage insurance should not be confused with mortgage protection insurance, which covers borrowers for the payment of their mortgage repayments in the event of unforseen circumstances including unemployment, illness or death. Should the outstanding loan balance owed by you to your lender not be covered by the sale of the mortgaged property, you would be responsible for repaying any shortfall.
In circumstances where the property you mortgaged to your lender has been sold leaving a shortfall on the loan and QBE LMI has paid the shortfall to your lender, your lender may assign to QBE LMI all of its rights to recover the outstanding loan balance owed by you (“the debt”).
If QBE LMI has taken, or is taking, any action against you to recover the debt, you are encouraged to contact QBE LMI’s mercantile agent in the first instance to explore your available options to repay the debt. Contact details of the mercantile agent will have been provided to you.
The following outlines our Complaint Dispute Process. It sets out how we handle any complaint or dispute which we are made aware of in these circumstances. At all times, your records will be dealt with in accordance with QBE LMI’s Privacy Policy.
Internal Review
If we cannot agree on a payment proposal for payment of the debt or you have some other complaint in relation to the debt, we ask you to contact our Internal Dispute Resolution (“IDR”) area. You can contact our IDR area as follows:
| By Phone: |
1300 650 503 (toll free) |
| By Mail: |
QBE Internal Dispute Resolution Section
GPO Box 82
Sydney NSW 2001 |
| By Fax: |
02 8227 8594 |
| By Email: |
complaints@qbe.com |
If you contact the IDR area, we will acknowledge your complaint within 3 business days and will obtain your particulars and any additional details of your complaint. Your complaint will be reviewed and you will receive a written response advising you of the outcome of the review and reasons for the decision within 21 days of first contacting the IDR area. If for any reason there is a delay with the review, you will be advised and be given regular updates.
While your complaint is being reviewed by us, we will refrain from commencing or continuing with legal proceedings or any other enforcement action (i.e. debt collection activity).
External Review
If you are not satisfied with the outcome of this process, or QBE LMI is unable to provide a response within 21 days, you may refer the dispute to our ASIC-approved External Dispute Resolution scheme provider, the Credit Ombudsman Service Limited (COSL). You may contact COSL as follows:
| By Phone: |
1800 138 422 |
| By Mail: |
Credit Ombudsman Service - Case Management
PO Box A252
Sydney South
NSW 1235 |
| By Fax: |
02 9273 8440 |
| On-line: |
By completing the complaint form available at COSL's website www.cosl.com.au |