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Credit & loan insurance

Credit Loan InsuranceIf you suffer an illness or injury or involuntary unemployment and couldn’t work, who would cover your debts? It is a challenging question, but in Australia it is possible to take out insurance to either completely clear the debt, or cover your repayments for a set period while you are not working.


The types of cover that are available include:

  • Mortgage protection – to cover your mortgage repayments for a set period.

  • Personal loan or credit card insurance – to cover your repayments for a set period.


These policies are different to income protection as they ONLY cover the specific payment (i.e. your credit card repayment).

With income protection, you generally receive up to 75% of your salary and YOU choose what you do with the money.

Important: Do not confuse Mortgage Protection Insurance with Lenders Mortgage Insurance (LMI). Lenders Mortgage Insurance allows you to borrow up to 95% of the price of your property with a lower deposit than is usually required.


Our partner ANZ offers mortgage insurance and credit insurance find out more.