Tips

Building Insurance

Once you have building insurance in place, ask your insurer to provide you with a building insurance certificate of currency. You will need to send this certificate of currency back to your lender, together with your completed mortgage offer documents.

Once you have building insurance in place, ask your insurer to provide you with a building insurance certificate of currency. You will need to send this certificate of currency back to your lender, together with your completed mortgage offer documents.
Free-standing property
You will be required by the lender to insure the building value of your property. The actual amount that will be required for insurance is usually determined by the valuation. The value is based on the replacement cost of your house including demolition and removal of debris. Within the lender’s Loan Letter of Offer there will be details of the certificate of currency requirements, including noting the lender as an interested party.
Ensure that the certificate of currency states a policy expiry date – even if the payments are by instalments, the policy may continue past the latest instalment paid.
Talk to your conveyancer or solicitor to discuss whether you take out insurance cover once your purchase contract is unconditional, as you may have an insurance interest in the property at this point.
Property in a Body Corporate
The Mortgagor (Lender) will need to be noted as an interested party on your policy and will need a copy of the Certificate of Currency. Within the lender’s Loan Letter of Offer there will be details of the certificate of currency requirements, including noting the lender as an interested party. You can contact your body corporate to obtain one of these, once you receive the Letter of Offer documents.
Building insurance option
I have access to a special offer from Allianz who can offer free building insurance for up to 90 days.
To obtain a quote from Allianz,  please email the EquityVision team using the email address: advice@equityvision.com.au to request a quote, and we will start the process for you.
Let us know your preferred time and date, and we will arrange for an Allianz Insurance Specialist to contact you.
If  you decide to proceed with this insurance, I would receive commission from Allianz of 8.66% (including GST) of the insurance premium amount.

Allianz could also provide quotes for the following insurances:
Contents Insurance
Provides coverage for contents lost through burglary, breakages etc
Landlord Protection Insurance
Provides coverage for any damages caused during the tenancy of an investment property

More Posts

Pre-Approved loans

A loan pre-approval is written confirmation that a lender has reviewed you and your current financial position and is prepared to lend you money up to the pre-approved loan amount.

First Home Buyers – Family Assistance

The family could provide a gift of money to the purchaser. If it isn’t to be treated as a repayable loan by the bank, then the family member giving the gift will need to provide a statutory declaration signed by a Justice of the Peace.