Want the security of knowing your home loan repayments may be covered if something happens? Five Year Mortgage Repayment Insurance through Allianz can cover you if you’re unable to work through injury, illness or death. Loan protection insurance is definitely not compulsory when you take out a loan but it can help you meet your loan repayments if something happens to you. You can cancel a loan protection policy at any time and the cover may end earlier if the loan is repaid, cancelled, transferred, you reach 65, or for other reasons mentioned in the Product Disclosure Statement (PDS). Check out the PDS for full details of available coverage, T&C's and to help determine if this insurance is for you.

Coverage Snapshot1

Five Year Mortgage Repayment

Insurance
Minimum Cover Available
-
Maximum Cover Available
$750,000
Monthly Disability Benefit
Up to 24 months
Involuntary Employment Benefit
Up to $3,000 per month for 120 days per claim or $10,000 for any one policy period
Death and Terminal Illness Benefit
Up to Policy Limits

Five Year Mortgage Repayment

Insurance
Minimum Cover Available
-
Maximum Cover Available
$750,000
Monthly Disability Benefit
Up to 24 months
Involuntary Employment Benefit
Up to $3,000 per month for 120 days per claim or $10,000 for any one policy period
Death and Terminal Illness Benefit
Up to Policy Limits
  • Eligibility

    Disability Cover

    To apply for this cover you need to:

    • Be applying for the insurance to cover your obligations under a loan agreement2
    • Be in good health and not be aware of having any sickness or disability that a reasonable person in the circumstances would be aware of
    • Be a permanent resident of Australia
    • Be at least 16 years old  and not yet turned 60 years old
    • Be permanently employed and working on a continuous basis for a period of not less than 20 hours per week for remuneration or reward
    • Have no knowledge or warning of any proposed or actual termination or decrease in the work available to you

    Involuntary Employment Cover

    To apply for this cover you need to:

    • Be applying for the insurance to cover your obligations under a loan agreement2
    • Be in good health and not be aware of having any sickness or disability that a reasonable person in the circumstances would be aware of
    • Be a permanent resident of Australia
    • Be at least 16 years old and not yet turned 60 years old
    • Be permanently employed and working on a continuous basis for a period of not less than 20 hours per week for remuneration or reward
    • Not be self-employed
    • Not be employed or contracted:
      • casually, irregularly or seasonally; or
      • under a contract limited to a specified work period, for example, a traineeship or apprenticeship; or
      • For completion of a specified task
    • Have no knowledge or warning of any proposed or actual termination or decrease in work available to you.

    Death & Terminal Illness Cover

    To apply for this cover you need to:

    • Be applying for the insurance to cover your obligations under a loan agreement2
    • Be in good health and not be aware of having any sickness or disability that a reasonable person in the circumstances would be aware of
    • Be a permanent resident of Australia
    • Be at least 16 years old and not yet turned 60 years old
    • Be at least 25 years old and not yet turned 60 years old if selecting Loan Cover insurance
  • Cooling off Rights

    You have a cooling off period of 30 days from the effective date of your final cover. During this time you can return your policy and receive a refund of your premium, unless:

    • You’ve made a claim; or
    • The period of insurance has ended; or
    • A covered event that will start and end within the cooling off period has started
  • How to Claim

    Call Us

    • Call 1300 362 108 between 8am – 5pm Monday to Friday, Australian Eastern Standard Time excluding public holidays.
  • The Little Details

    Southern Cross Credit Union Ltd, ABN 82 087 650 682 AFSL 241000 arranges this insurance as agent of the insurer Allianz Australia Insurance Limited (“Allianz”) ABN 15 000 122 850 AFSL 234708. Allianz is the insurer of the Disability cover and Involuntary Unemployment cover and is only responsible for these covers. Allianz Australia Life Insurance Limited (“Allianz Life”) ABN 27 076 033 782 AFSL 296559 is the insurer of the Death and Terminal Illness cover and is only responsible for this cover. Allianz acts as Allianz Life’s agent in offering and administering the Death and Terminal Illness cover.

    We do not provide advice on this insurance based on any consideration of your objectives, financial position or need. Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision please consider the relevant Product Disclosure Statement available on our website. If you purchase this insurance, we receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.

    If you purchase this insurance, Southern Cross Credit Union will receive a commission that is a percentage of the ‎‎premium. Ask us for more details before we provide you with any services on this product. We do not provide advice on this insurance based on any consideration of your objectives, financial position or need.

    Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision, please consider the Five Year Mortgage Repayment Insurance Product Disclosure Statement and the Five Year Mortgage Repayment Insurance & Loan Cover – Important information and how to pay your premium brochure.

    1 Information about insurance cover is a summary only. You should consider whether this insurance product is suitable for your circumstances and consider the relevant Product Disclosure Statement (PDS).

    2 Application for insurance can be made either at the beginning of a new loan agreement or during an existing loan agreement. If you apply for insurance at the beginning of a new loan agreement, you have the choice to pay your premium within your loan or separately through monthly installments. Where the premium is paid as part of the loan, interest may be payable on that premium. If you apply for insurance during an existing loan agreement, you can pay your premiums through monthly installments. Please refer to the Five-Year Mortgage Repayment Insurance & Loan Cover Important Information and ways to pay brochure for more details.

You were professional to deal with and responded to my queries promptly. Initially I was concerned about changing to a non-bank lender, especially one outside Sydney, but you came recommended so we decided to go with you. I am now very happy that we moved to the Southern Cross Credit Union. We should have done it years ago.
Robyn