Bridget Sakr, chief commercial officer of Genworth Australia, said the industry-first ‘toolkit’ is designed to help brokers and lenders educate borrowers about LMI.
“Lenders and brokers understand the concept of LMI well, but recent independent research commissioned by Genworth showed that one in three first home buyers believed that they need at least a 20 per cent deposit to purchase their first home,” Ms Sakr told The Adviser.
“This suggests that many prospective first home buyers are not aware of LMI or do not understand how it works. “
The initiative, which features a series of apps, videos, case studies and webinars, was launched yesterday.
“Mortgage professionals, as a key touch point for home buyers, are vital in helping buyers understand LMI.
“Genworth hopes that the free LMI toolkit may be useful for all relevant parties around the property buying cycle to better communicate the concept of LMI and its value proposition to interested parties.”
A website breaks down each section depending on the needs of the individual reader. For example, the section for ‘positioning LMI to borrowers’ is tailored for brokers and lenders, while the FAQs on LMI are open to consumers as well.
“This multimedia knowledge hub is a dynamic resource and will be regularly updated with new material, content and tools, including short video clips designed specifically for the site,” Ms Sakr said.