Whether you are buying a property to live in or as a way of generating a rental income or other return, it is important to protect your investment.

The way to do that is by choosing insurance policies that give you the protection you need.

Here are the three main types for home buyers to think about.

Lenders mortgage insurance

First up there is insurance that isn't even for you! That's right, if you decide to borrow more than 80 per cent of a property's value, it is likely that the lender will require you to take out lenders mortgage insurance.

This protects them in the case that you are unable to pay back your loan.

Home and contents insurance

You'll need to get this sorted as a condition of borrowing money for a home loan so there is no excuse for not thinking about home and contents insurance!

But that's not a bad thing, because who wouldn't want to protect their dwelling and all the valuable items within it from loss or damage.

Life insurance

If you hadn't considered life insurance before, when you buy property for the first time is an excellent moment to begin!

Far from being something for those who are getting on in life, life insurance can cover your home loan repayments should something happen to you that prevents you from keeping up repayments.

Sickness and injury may at some point in the future stop you from drawing an income, and without life insurance you may be forced to forfeit your home.

Having this cover in place means you can rest assured that even if something happens to you, your loan will continue to be paid off and your dependents will still have a roof over their heads.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.