Loan Protection & Insurance Products
Supra Finance offers loan protection solutions and other insurance products to help you and our network of lenders manage risks.
Lenders Mortgage Insurance (LMI)
Your chosen lender may require you to pay for this loan protection insurance if you want to borrow more than 80% of the value of a property. LMI will protect the lender in case borrowers default on their loan and the resale of the property is not sufficient to offset the whole loan value.
The primary advantage of taking LMI for borrowers is that you can access higher loan amount. Paying for LMI is an ideal option for home buyers who don’t want to wait for several years to save for a home deposit. Supra Finance can help arrange the LMI and could be added to your total loan amount to reduce the upfront costs.
Supra Finance is FSRA Compliant so we are duly licensed to offer the following insurance products to our clients:
Comprehensive insurance
Comprehensive insurance covers you for any damage to your vehicle in an accident, if hit by hail or other debris, is stolen, fire damaged or deemed a total loss. With finance over a vehicle this is required to securitise the cover for the vehicle and we provide a copy to the financer. We can also provide you with insurance for any other item you have.
Shortfall insurance
This cover provides the difference between an insurance payout and any finance owing over a vehicle. Say if you were to finance the full amount on a car for example, and have market value insurance, the insurance payout may not be sufficient and may have to pay out of pocket to cover the finance payout. This insurance covers different levels of amounts to ensure that you don’t have to pay additional money should something happen to your vehicle.
Credit Insurance
Credit insurance has a number of different cover combinations. Whether you wish to protect yourself in the unfortunate circumstance that you lose your job, are made redundant, or for peace of mind that if you were injured, temporarily disabled or as a worst case loss of life this insurance means that the repayments on your loan are covered and not left to someone to take over.
Tyre and Rim
Great product for motorbike rides – what happens if you are on a long ride, hit a pothole and damage either your tyre and rim or both? Without a spare on hand it could be a long walk, this product gives you comfort knowing that you have some help at hand!
Purchase price insurance
Home Building and Contents Insurance
If you are simply after a better deal, or buying your first home – everyone needs to consider protecting your assets. Where as building insurance is mandatory to cover your homes structure, ensuring that you have the right cover and sufficient cover for both your house and possessions is really important.
Life Insurance
We have financial advisors at hand to provide you options to cover yourself and your family for the unexpected.
Warranty
We can assist with warranties on vehicles should they be out of the new car warranty period.
