Mortgage protection insurance

We do not currently offer any mortgage protection products through our comparison service. However, if you’re interested in mortgage protection insurance, you might also be interested in income protection. Learn more here.

Average customer rating: 4.3/5
Written by Joshua Malin
Reviewed by Steven Spicer
Updated 4 April 2024

What is mortgage protection insurance?

Mortgage protection insurance (also known as home loan insurance or consumer credit insurance) may financially protect the homeowner from falling behind on their repayments in difficult circumstances. Mortgage protection insurance can be taken out on both residential and commercial properties. It’s also available for owner-occupied and investment property loans.

Mortgage protection insurance isn’t compulsory. That said, it may be worth having as a fallback for your loved ones if they’re suddenly left without your income. It can provide either an ongoing payment or lump sum to help you and your family keep up with your mortgage repayments.

How it works

How do mortgage protection payouts work?

What does mortgage protection insurance cover?

What does mortgage protection insurance exclude?

What can influence my mortgage insurance premiums?

Other types of cover

Mortgage protection insurance vs income protection

Mortgage protection insurance vs. lenders mortgage insurance

The pros and cons of mortgage protection insurance

Like many financial products, mortgage insurance has a number of key benefits and drawbacks:

Pros

Cons

More information

To be eligible for mortgage protection insurance, you’ll first need to have a home loan or have applied for one. This means you’ll also need to pass the lending criteria and secure your finance.

Another eligibility criterion for mortgage protection insurance includes having a minimum level of cover for specific benefit types (e.g. at least $100,000 for a death or terminal illness benefit). Keep in mind this may change between lenders.

Who is eligible for mortgage protection insurance?

Is mortgage protection insurance tied to my home loan?

Can I get mortgage protection insurance if I’m self-employed?