Katrina Parrington

Mortgage & Finance Broker, Elders Home Loans – Northern Territory – P. 8932 8900

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  • Elders Home Loans

  • Katrina Parrington

    I am a long term Centralian resident with more than 18 years experience in the financial services industry. Initially, in Real Estate in Adelaide before pursuing a career with Elders Insurance Alice Springs and lending roles with major banking institutions where I gained extensive experience in Home Loans and Commercial Lending here in the Alice and in Darwin.

    I have a unique set of skills that ensures I understand your lending needs and can provide you with professional advice and personal service.

    Tel: 08 8953 8800
    email: katrina.parrington@eldershomeloans.com.au

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Protecting your purchase

Posted by Katrina Parrington on May 25, 2011

When it comes to buying your new home, the insurance is just as important as the home itself

There are a number of types of insurance you’ll need to consider: building or home insurance, contents insurance and mortgage protection insurance to name a few.

Building or home insurance
Depending on the type of loan you have taken out, it may be compulsory for you to take out building or home insurance to safeguard the lender’s interest in the property. Even if this is not mandatory, it is strongly advisable.

Building or home insurance covers you for damages to your property or its fixtures. Depending on your level of cover, you may be able to protect yourself from fire and storm damage to burglary.

Essentially, home insurance covers the cost of restoring your property to its present condition if it is damaged. Make sure you don’t underestimate these costs, as you may end up seriously out of pocket in the long run should disaster strike.

Content Insurance
Content insurance protects you in the case of loss or damage to your personal belongings and items in your home, such as whitegoods, clothing and furniture. While you may already have contents insurance, it’s a good idea to update it after a move into a new property – especially if you’ve decked out your new house with brand new furniture and appliances.

You’ll usually have a choice between two types of contents insurance: a policy that replaces the old good with new ones or you can opt for an indemnity policy, under which you’ll receive the depreciated value of what was damaged.

Mortgage protection insurance
Mortgage protection, while not mandatory for borrowers, can be an effective tool to help cover your mortgage should you find yourself unemployed, unable to work through injury or are diagnosed with a serious illness. Typically mortgage protection insurance covers to cost of your mortgage for the period of the claim, providing you time to re-enter the workforce or focus on regaining your health.

Tips to finding the right insurance
Take time to shop around: Compare the price of each policy with the cover offered – don’t go for a cheap deal with very little cover or pay top money for cover you don’t really need.

Engage specialists: speak with your broker for options on the insurances related to your new property purchase – they’ll be able to arrange the policies for you or alternatively refer you to a specialist.

Keep documents secure: Remember to keep copies of your insurance policies, receipts and photographs away from the house, as they won’t be much help to you if they are damaged. Leave a set at your parents or a friend’s house for example

Speak with your broker if you would like more information on any of these types of insurance – in many cases they can help arrange a policy for you.

For more information, or to request your free copy of the HOME Buyers Guide, contact

Katrina Parrington, Elders Home Loans – Alice Springs
08 8953 8800 or 0458 688 886

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