QBE is notifying lenders it will be increasing premiums for lender’s mortgage insurance from 31 May.
In a notification to mortgage brokers on Wednesday, one lender said QBE was introducing across-the-board premium hikes of 4% on all mortgages with loan-to values above 80%.
Brokers were advised the premium hikes would apply to loan applications in train, including pre-approvals.
A hardening of rates is not unexpected as continuing low interest rates mean insurers can no longer rely on their investment returns to bolster results. As such, insurers are focusing on underwriting profitability - which means raising premiums, tightening underwriting guidelines and being more selective about risk.
QBE is notifying lenders it will be increasing premiums for...
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