Buying my first home
Insurance for your home
Your home is one of the biggest assets you have, and also generally your biggest liability.
So, while we offer a number of flexible features to help you with the lifestyle changes you have planned, it’s important that you also think about what you’d do if something unplanned happens.
We can help to reduce your worries and protect your assets, and your ability to meet your commitments and maintain your lifestyle.
What if my income is disrupted?
We have some insurance options that protect your ability to meet your home loan repayments.
Your biggest concern is probably - what happens if I’m unable to work? It’s important to protect your income so that you can continue to meet your home loan repayments.
With Income Protection Insurance, you will receive a regular monthly benefit if you become disabled because of sickness or injury and are unable to work.
If you’re concerned about how your family would continue mortgage payments if you died or became seriously ill, we also offer Mortgage Secure Insurance which offers 2 types of benefits:
- It pays a lump sum (up to $750,000) on your mortgage with any excess amount paid to your estate or surviving policy owner
- An optional Living Benefit (50% of the death benefit) is paid if you suffer 1 of 6 medical conditions: cancer, coronary artery bypass surgery, heart attack, stroke, paralysis and loss of independent existence.
Review your options
How can I protect my home and contents?
We can also help you to protect your home and its contents.
Prior to settlement you should get Building Insurance 1 cover for the building.
Once you move in to your property you’ll need to think about insuring your contents. You may be able to get a discount on your premiums for combining your Contents Insurance 1 with your building insurance.
We offer three policy levels to meet your needs:
- Essential Care - low cost cover for buildings and/or contents
- Quality Care - cost effective cover to protect your home and contents against a range of defined events
- Premier Care - extends the cover provided by Quality Care to include accidental loss or damage anywhere in Australia.
And when you’re ready to move, you’ll want to think about Home Removals Insurance 1. Whether you are just moving around the corner or across Australia , you can purchase affordable accidental damage and theft insurance for home removals. The benefits include full replacement value regardless of age with cover available for storage.
What if something happens to me?
Not a pleasant thought but unfortunately one that you have to consider. If the worst happens, how do you protect those you love being left with possibly two mortgages? Will your superannuation be enough to cover these and living expenses? Speaking to a professional advisor and or taking out Life insurance can go a long way to giving you peace of mind.
Review your options
Things you should know
- 1.The information provided in this page is general in nature and serves as a guide only. It does not take into account your personal financial circumstances and needs. Before deciding to acquire a financial product please read the relevant Product Disclosure Statement which is available from our branches or from the Issuer of:
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- Income Protection Insurance is Westpac Life Insurance Services Limited (ABN 31 003 149 157 AFSL No. 233728)
- Mortgage Secure Insurance is Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life) and distributed by Westpac Banking Corporation ABN 33 007 457 141
- Building and Contents Insurance is Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) and distributed by Westpac Banking Corporation ABN 33 007 457 141
- Home Removals Insurance is Associated Marine under a referral arrangement with Westpac Banking Corporation ABN 33 007 457 141
- Life Insurance is Westpac Life Insurance Services Limited (ABN 31 003 149 157 AFSL No. 233728).
- 2.Westpac Financial Planners are representatives of Westpac Banking Corporation, AFSL No 233714.
