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Home OwnershipIn line with our stated goal of creating more home ownership opportunities for Australians, QBE LMI operates a dedicated team to support borrowers facing hardship
Under our new Home Ownership Preservation program over 20 lenders have committed to work with us to support their insured borrowers who are suffering genuine mortgage stress. QBE LMI has already provided assistance to over 1,300 borrowers since the start of the 2008/09 financial year.
We are continually refining our Repayment Assistance policies for borrowers experiencing Genuine Hardship so that we can continue to provide all the support that our lending institution customers need to assist borrowers who are experiencing financial difficulty.
We adopt a case-by-case approach to Repayment Assistance for borrowers experiencing Genuine Hardship. To ensure that all options are explored, we will work with lending institutions to make assessments based on the ability of the borrower to meet any new contractual obligations in the long term.
Key to QBE LMI's decision making process is the circumstances that the borrower has experienced and their ability to service the loan repayments once the temporary hardship circumstances are overcome. All borrowers/guarantors seeking assistance should provide a current Statement of Financial Position and provide the relevant supporting documentation which will enable a quick response to the application for assistance.
Borrowers who have had a poor repayment history are unlikely to be considered for assistance unless their circumstances have dramatically changed or extenuating circumstances have arisen.
If lenders have any questions in relation to QBE LMI’s Repayment Assistance and Hardship programme, please contact Craig Balcombe, Manager, Home Ownership Preservation, via hardship@qbelmi.com or their Senior Relationship Manager.
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