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Introducing new product enhancements for Monthly mortgage repayment cover.
We're excited to introduce two key enhancements to our Monthly mortgage repayment cover, prompted by feedback from you, our adviser community. These updates are designed to provide affected customers with greater flexibility and increased coverage.
Recognising the financial challenges many are facing today, we’ve made these enhancements to offer more support and security, furthering our commitment to help New Zealanders achieve greater financial certainty.
Starting today, these changes are available to both new and existing customers.
Get up to speed in 5-minutes by watching the video.What are the changes?
Lifting the offsets threshold.
We’re increasing the threshold after which offsets start to apply from $5,000 to $7,500, meaning greater certainty at claim time for customers with high incomes or large mortgages.
This change applies to on-sale Monthly mortgage repayment cover, and will also be passed back to customers with an inforce Monthly mortgage repayment cover for events and conditions that occur after 20-June 2024 (subject to any relevant terms and conditions).
We’ve also simplified underwriting requirements, and no longer require confirmation of whether rental income is received.
Allowing cover to be based 115% of rent payments.
Customers can now base their Monthly mortgage repayment cover on 115% of their rent payments. This offers greater support for renters in a time where many are experiencing heightened financial pressures.
Tools to support you.
To help you easily communicate these enhancements to your clients, we've developed some easy-to-use resources.
This includes a comprehensive 2-page customer guide and a social media post template designed for you to publish with your online audience.
As of today, up-to-date application forms are also available online and in print via the online portal.
This is an ideal time to start meaningful conversations with both your new and existing clients who may be able to benefit from these new product changes.
Download the social media template.
We've prepared a pre-made social media post which you can easily share via LinkedIn, Facebook or Instagram to leverage these enhancements with your audience.
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Size: 164kb
Size: 164kb
Download the adviser factsheet.
This factsheet contains everything you need to know about MMR cover, including the enhancements.
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Size: 108kb
Size: 108kb