flagFounded: Listed 2014, Founded overseas in 1871

businessOwned by: ASX Listed

monetization_onFinancial strength: Standard & Poor’s AA-
Moody’s Aa2

security Lenders they support: Over 100 lenders including CBA and NAB Broker.

pie_chart_outlinedMax LVR: 95% LVR

account_balanceLMI Capitalisation: 97% LVR

beach_accessLMI Premiums: Compare using our LMI calculator

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 Genworth using a Delegated Lending Authority (DUA) and in others the lender sends the application to Genworth for assessment.

Genworth’s arrangements with each lender are different which means their policy and premiums vary.

How does Genworth’s LMI compare?

They’re great at

But they’ve got some drawbacks…

Talk to one of our expert mortgage brokers to find out if Genworth Financial is right for you.
Call us on 1300 889 743 or complete our free assessment form online.

Australia’s strictest credit score?

Genworth 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. Genworth 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.

Genworth’s LMI Premium table

Genworth’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 Genworth

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 assessment form.

  • Ty M.

    I wish to minimise LMI and maximise LVR but I do have additional cash for deposit. I have a better use for the deposit and so I wish to minimise the deposit put forward for this loan. A friend of mine says that Genworth has cheaper LMI premiums so can I get my bank to use Genworth?

  • Hi Ty M,

    Some lenders such as Macquarie or Qudos Bank use both QBE and Genworth and we as a mortgage broker can request they use a particular one. However, most of the major lenders have an exclusive agreement with just one insurer. You’d have to pick a bank which uses Genworth.

    Please note that different insurers have different prices for no genuine savings, self employed, investors, different LVRs and loan amounts. There isn’t one ‘cheapest’ insurer for everyone unfortunately.