What is the Hardship Assistance/Home Ownership Preservation Program?
At QBE LMI we are committed to making the dream of home ownership a reality for more Australians and wherever possible, ensuring that Australians have the opportunity to retain their homes when experiencing genuine mortgage stress.
We have a dedicated Home Ownership Preservation team that works closely with our lenders to support the provision of assistance to homebuyers who are experiencing temporary difficulty in making their mortgage repayments.
Since 2008, QBE LMI’s Home Ownership Preservation team has assisted more than 12,000 families to retain their homes by supporting a temporary variation to their loan terms during their period of genuine hardship. Over 90% of homebuyers who have received hardship assistance have been able to resume their original repayment terms within three months and retain their homes.
Benefits of the Home Ownership Preservation Program
The Home Ownership Preservation Program assists homebuyers to:
- reduce the impact of temporary and genuine financial hardship
- retain their home
- maintain a good credit rating by avoiding delinquent credit bureau reporting
- avoid a forced sale of their home managed by the lender
If a homebuyer is experiencing genuine hardship, they should contact their lender immediately to make an application requesting Hardship Assistance. Interest will still normally be charged to a homebuyer’s loan account during any approved Hardship Assistance period.
Visit www.doingittough.info for more information on financial hardship.
Where can I find out more information?
QBE LMI encourages all borrowers who find themselves unable to maintain their loan repayments due to unemployment, illness or any other unforeseen reasons, to contact their lender immediately to discuss the options that are available.
What if I owe QBE LMI money?
QBE LMI may try to recover money from you, where we are seeking to recover costs incurred by us, for a claim paid for a defaulted loan.
If you are experiencing difficulty making payments due to illness, unemployment or any other unforeseen circumstances, you can ask our Recovery Agent to assess whether you are eligible for Financial Hardship assistance