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How to apply
  • Call us on 1300 301 883 and select “option 3” when prompted for an insurance quote
  • Visit a branch
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Home Loan Protection

Protect what's close to home with Home Loan Protection

  • Home Loan Protection is here to help you or your family meet your home loan commitments. It is an affordable and easy solution designed to:
    • Pay a lump sum if you are diagnosed with a terminal illness, die or are diagnosed with a covered medical condition; and
    • Pay a monthly amount if you cannot work due to injury, illness or involuntary unemployment
  • Choose either one or both types of cover from the two available - Life Cover and Repayment Cover
  • Cover can be altered to work within your budget

Life Cover

  • Life Cover pays a lump sum if you die or are diagnosed with a terminal illness
  • You can take cover up to your approved home loan amount, subject to a maximum of $600,000

Repayment Cover

  • Repayment Cover pays a monthly amount if you cannot work due to injury or illness or involuntary unemployment
  • You can take cover up to your monthly home loan repayments, subject to a maximum of $6,000 per month

Cover for joint borrowers

  • Where there are two borrowers you can each choose to take Home Loan Protection
  • Each person receives a separate benefit

Easy premium payments

  • For new home loans, option to include the premium in your home loan borrowings
  • Direct debit or credit card payment options available if paying monthly or annually

Affordable

  • You can change your cover to create a premium to suit any budget, starting from $10 a month

Protect your greatest asset – yourself

Many of us think of our home as our most valuable asset, and for most of us, our home repayments are our biggest commitment. While most people insure their home and contents, they often neglect to insure their greatest asset – themselves.

How would you or your family manage if you became unable to meet your home loan repayments due to illness, involuntary unemployment or death?

St.George Home Loan Protection can help you or your family continue to live in your home if an accident or illness means you are no longer able to pay the mortgage.

It’s more affordable than you may think. For example, the monthly premium for a 35-year-old male, non-smoker applying for Life Cover on a mortgage of $400,000 is approximately $37.

How Home Loan Protection could benefit you

You can apply for Home Loan Protection as well as your home loan all under the one roof with St.George. If you are borrowing jointly with another person, you can both apply for Home Loan Protection.

You can choose from one or both of these cover options:

  • Life Cover – pays a lump sum if you are diagnosed with a terminal illness or die. This includes Recovery Cover, which pays a smaller lump sum if you are diagnosed with a covered medical condition; and
  • Repayment Cover - pays a monthly amount if you cannot work due to injury or illness or involuntary unemployment.

The below table shows the benefits provided by Home Loan Protection

Life Cover
Cover Cover Amount Example More Information
Life Cover (includes terminal illness cover) You can select cover up to your home loan amount, subject to a maximum of $600,000 Example 1: Your home loan is $400,000. You can choose to cover any amount up to $400,000.

Example 2: Your home loan is $700,000. Your maximum cover is $600,000		 We pay a Life Cover benefit if you die or are diagnosed with a terminal illness
Recovery Cover (included automatically with Life Cover) 2.5% of your Life Cover sum insured, subject to a maximum of $10,000 Example 3: your Life Cover sum insured is $200,000. This includes Recovery Cover of $5,000

Example 4: Your Life Cover sum insured is $500,000. This includes Recovery Cover of $10,000		 We pay a Recovery Cover benefit if you are diagnosed with a covered medical condition:
  • Cancer
  • Stroke
  • Heart attack
  • Heart surgery, and
  • Coronary artery bypass surgery
Repayment Cover
Repayment Cover Cover amount Example More Information
Disability Cover You can select cover up to your monthly home loan repayment, subject to a limit of $6,000 Example 5: Your monthly home loan repayment is $4,000. You can choose to cover any amount up to $4,000. We pay a Disability Cover benefit if you are unable to work due to injury or illness.

We pay for a total benefit period of 24 months for all claims.
Involuntary Unemployment Cover Equal to your Disability Cover,   We pay an Involuntary Unemployment benefit if you become involuntary unemployed.

We pay for a total benefit period of 3 months or $6,000 for all claims.

For full terms and conditions, please refer to the Home Loan Protection Combined Financial Services Guide and Product Disclosure Statement.

Need more detail?

It’s important to understand what you are and aren’t covered for. For the policy details, check the PDS

Call us on 1300 301 883 and select “option 3” when prompted for an insurance quote

Visit a branch

How to apply

Important information

Home Loan Protection is issued by St.George Life Limited ABN 88 076 763 936 (St.George Life) and distributed by St.George Bank – A Division of Westpac Banking Corporation ABN 33 007 457 141 (St.George). St.George Life is a wholly owned subsidiary of Westpac Banking Corporation (Bank). The policy is not an investment in or deposit with the Bank. Neither St.George, the Bank nor any member of the Westpac Group (other than St.George Life as insurer) guarantees the policy.

This information has been prepared without taking account of your personal objectives, financial situation or needs (your personal circumstances). Because of this you should, before acting on this information, consider its appropriateness, having regard to your personal circumstances. Conditions, limits and exclusions on cover apply, details of which are explained in the Home Loan Protection Combined Financial Services Guide and Product Disclosure Statement (PDS). Before making a decision about these policies, you should obtain and consider the PDS. A PDS can be obtained by downloading it here, calling 1300 301 883 and select “option 3” when prompted, or visiting any St.George branch.