Genworth partners with Lifeline on mortgage stress
Specialist lenders mortgage insurer Genworth has entered into a partnership with Lifeline to highlight the impacts of financial stress on families.
The partnership, announced this week, is aimed at raising awareness of the warning signs of financial stress in order to promote early intervention.
Commenting on the partnership, Genworth chief executive Ellie Comerford said mortgage stress could hit hard –particularly in an environment of rising unemployment, rising living costs and daily life pressures.
Both Genworth and Lifeline said that over coming months they would work together on an education campaign about mortgage stress, hoping to link it to the work of the Australian Securities and Investments Commission (ASIC) and the Federal Government, via MoneySmart.
The Genworth announcement said the company sought to help families manage mortgage stress and avoid the associated anxiety through extending hardship provisions to homeowners, giving them the time to stabilise their finances and avoid defaulting on their mortgages.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.