Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Mortgage Protection Insurance
Mortgage Protection Insurance is a policy that covers mortgage repayments in case the borrower is unable to make them, either due to death, financial loss, health, or involuntary unemployment. It is different from mortgage insurance, which protects the borrower in case you default. Mortgage Protection Insurance is not mandatory, but can be useful for people in high-risk financial situations (such as business owners and freelancers). Most lenders offer mortgage insurance at the opening of a loan, but you can also shop around for third-party providers who may give you better rates.
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