I would like to access information related to lenders mortgage insurance.
I believe, LMI is the biggest institution level scam of human history.
To prove my point, I would like to access below information.
01. How many LMI taken issued by banks ( past 10 years )
02. How many times banks had to access LMI to cover it's losses. ( Past 10 years )
03. Ownership of LMI financial institutes registered in Australia.
04. Home buys pays the LMI for the time of the loan ( as an example, if we buy a house for 30 years mortgage, what will happen an event of we sale the house for 5 years. Why don't we eligible for a LMI return? )
We are responding to the request you sent to the Treasury regarding lenders mortgage insurance (LMI). We note that you referred to your request as a Freedom of Information in the title, then specifically request information. We are not able to process your request under the Freedom of Information Act 1982, as it is a request for information, not a request for documents under the Act.
However, we are able to advise, the Treasury does not collect the specific information that you are requesting in items 1-3. However, the Australia Prudential Regulation Authority (APRA) as part of their insurance data collection, publish information on LMI providers going back to 2013. This information may be of use to you, it includes business names and the dollar value of claims made with respect to LMI insurance. This information is available on APRA’s website: https://www.apra.gov.au/statistics.
Item 4 of your request relates to a transaction between the customer and the insurer. The regulatory framework that applies to LMI in Australia recognises that insurance policies are private commercial arrangements between insurance companies and their customers. Under this framework, the setting and conditions of insurance premiums are commercial decisions for the management of each LMI provider subject to compliance with legal requirements. Further information on home loans and LMI can be found on MoneySmart website: https://moneysmart.gov.au/
Freedom of Information Officer
The Treasury, Langton Crescent, Parkes ACT 2600
Phone: +61 2 6263 2800
Email: [Treasurer request email]