Mortgage Protection

Mortgage Repayment Cover

Mortgage cover pays you an agreed amount of money each month if you can’t work in your usual job due to illness or injury. It is designed to cover your mortgage payments. You can also choose to cover yourself against redundancy/bankruptcy.

What is Mortgage Cover ?

Mortgage cover pays you a regular monthly payment if you are unable to work because you are sick or injured. This is designed to ensure you can go on living in your home while you are not receiving your salary or wages. We will pay you until you can return to work, or until you reach the end of your chosen benefit period on your policy. This can be up to the age of 65 depending on what option you choose.

How does Mortgage Cover work ?

• You can choose to cover upto 110% of your mortgage repayment on your residential property. The extra 10% is important because there are additional expenses with property, such as rates, and home and contents insurance and the interest rate on most home loans will rise at some stage, when fixed rates roll off or variable rates increase.
• Alternatively, you can take our Mortgage cover for your investment property For investment properties or for small business lending against your residential property, you can take out Mortgage cover up to the value of 40% of your gross annual income.
• You can take out Mortgage and Rent cove even if you are Renting : This means you can still pay your rent if you are unable to work because your are sick or injured. You can cover up to 40% of your income, to a maximum of $3500 a month
• Your benefit payments under Mortgage and Rent cover won’t be reduced due to any ACC Claims so you will get the full amount you are insured for, even if you are receiving ACC Payments.
• You can make as many claims as you need over the life of your policy. You can keep the original amount you are insured for, even if your mortgage reduces : This is useful if you want to increase your mortgage, to move house or renovate, for example.