Quick Summary
Founded
2014
Owned by:
ASX Listed
Lenders they support:
Over 100 lenders including CBA and NAB Broker
Max LVR:
95%
LMI Capitalisation:
97%
Helia (formerly Genworth) works behind the scenes to insure home loans for many Australian lenders and, in doing so, supports Australians with a small deposit to get into the housing market.
In some cases, the lender approves the loan on behalf of Helia using a Delegated Lending Authority (DUA) and in others the lender sends the application to Helia for assessment.
Helia’s arrangements with each lender are different which means their policy and premiums vary.
How does Helia’s LMI compare?
Pros
- Negotiating special policy and pricing for different lenders
- Discounted LMI for first-home buyers
- No genuine savings
- Considers rural locations
Cons
- Credit score is very strict
- Rarely make exceptions to their policy
- Won’t consider a bad credit history
- Strict with some income types
- Strict when lending to investors
- Strict with self-employed borrowers
- Won’t consider many property types
- A good history with a bank will be ignored by Helia
Australia’s Strictest Credit Score?
Helia has a reputation amongst mortgage brokers for being incredibly strict in the way that they assess loan applications.
Their credit score usually declines any home loan application that isn’t perfect. Your credit history, employment, asset position and many other factors must all be well above average to get approved.
Secondly, when their credit score doesn’t pass they rarely make policy exceptions, even if there’s a good reason.
An example would be if they required someone to be six months in their job and you’re only five months into your job. Helia would typically say wait another month and then they’ll consider your application. That’s not much help if someone has just signed a contract to buy a property.
They’re an insurance company so don’t be too surprised. Their business is built on collecting premiums and reducing the claims that they pay out so of course they’re going to be conservative.
Helia’s LMI Premium Table
Helia’s LMI premiums vary between different lenders. This depends on:
- The size of the lender.
- If that lender’s borrowers tend to pay their loans.
- Any special policy negotiated by the lender.
- If the lender exclusively uses Helia.
For this reason, please use our mortgage insurance calculator to work out your premium.
Which Mortgage Insurer Should You Use?
Not sure which home loan is right for you? Our Home Loan Experts can help!
Talk to one of our specialist mortgage brokers by calling us on 1300 889 743 or by completing our free online assessment form.
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