Overview
| Category | Details |
|---|---|
| Founded | QBE acquired PMI LMI in 2008 |
| Owned by | ASX Listed |
| Financial Strength | Standard & Poor’s A+ Fitch A+ |
| Lenders they support | National Australia Bank (NAB), Adelaide Bank, BankWest, Suncorp, Australian First Mortgage (AFM) |
| Max LVR | 95% LVR |
| LMI Capitalisation | 97% LVR |
| LMI Premiums | Compare using our LMI calculator |
QBE’s Lenders Mortgage Insurance (LMI) has been operating for close to 50 years and, during that time, they’ve developed their insurance policy in way that allows them to approve more customers with low deposits than some other LMI providers.
QBE really understands the situations of everyday Australians and they’re continually updating their policies to fit those profiles.
They also offer Delegated Underwriting Authorities (DUAs) to a number of banks across Australia which means you can get your home loan application approved a lot faster.
QBE services lenders across Australia and Hong Kong and operate as a wholly-owned subsidiary of QBE Insurance Group, one of Australia’s largest insurers and in the top 20 in the world.
How does QBE's LMI compare?
Pros
Accepting Australian citizens or NZ citizens living overseas.
May accept exposure limits up to $3 million.
Can consider gifts and inheritance as genuine savings in some circumstances.
Flexible in accepting overtime and commission income.
They have a self-certification or low doc solutions.
They can consider serviced apartments and warehouse conversions.
They can consider properties up to 50 hectares.
They can consider business loans.
They can consider debt consolidation.
Cons
Credit scoring is very strict.
They don’t accept rent as genuine savings.
Don’t accept borrowers on probation.
Strict with some property types such as high density units and display homes.
QBE tend not to make policy exceptions.
Talk to one of our expert mortgage brokers to find out if QBE is right for you.
Call us on 1300 889 743 or complete our free assessment form.
Coronavirus / COVID-19: QBE LMI policy changes
QBE LMI has temporarily embargoed/suspended Lenders Mortgage Insurance (LMI) cover for borrowers working in industries affected by the novel coronavirus (COVID-19) pandemic.
Effective immediately, this applies to all new applications (including top-ups, refinances and cash-outs) received for applicants working in industries directly impacted by COVID-19, for example those working in gymnasiums, beauty salons, tourism and hospitality industries.
Exceptions may be considered by QBE on a case by case basis.
More importantly, where a pre-approval (subject to valuation) was issued and the borrower’s employment is potentially impacted, then further confirmation will be required that the borrower’s circumstances have not changed and their level of income is ongoing before unconditional approval can be given by the mortgage insurer QBE.
Common sense vs credit score
QBE is known for having one of the strictest credit scores in Australia. Unfortunately, if you don’t pass their credit score then you’re unlikely to get approved.
It’s unfortunate as smaller lenders have to send applications to QBE for approval. Larger lenders like NAB actually have the authority to approve loans on behalf of QBE so don’t face the same problems.
If you’re outside of QBE’s policy then apply with another lender, it’s unlikely that they will make an exception.
Will QBE offer you the most competitive LMI rate?
Not sure which home loan is right for you? Our Home Loan Experts can help!
Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.