skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus
Article related to:

Life Insurance

Protecting the great Australian dream

2023-07-12 04:30

What does the Great Australian dream mean to you? For many of us it's owning a home but without protection in place we can put our dreams at risk. 

Australians are a nation of home-owners

For many Australians a major life goal is owning your own home. Whether that's a traditional house on a quarter-acre block, or an apartment close to your work or amenities such as schools, cafes and shops. Whatever your preference, your home will likely be your most valuable – and valued – asset, so it's important to protect your ability to meet your ongoing mortgage repayments against unexpected events that could impact your income-earning potential.

Home ownership is a key part of our Australian culture. After World War Two, waves of immigrants came to Australia and the ‘baby boom' further fuelled the desire of home ownership. This desire continues with home ownership rates hovering around 70% for the past five decades. Owning a home provides long-term security, especially as you age, and it can be used as a cornerstone to build wealth and support your financial goals, family and dreams. According to the most recent Census of Population and Housing, of the 9.8 million households in the country, 67% of us are homeowners and 31% are renters.

Underinsurance needs to be addressed

Unfortunately, research by Rice Warner suggests many of us are underinsured. This is a significant issue within the community and one with major repercussions. While many take out insurance to replace or rebuild their homes in the event they are damaged or destroyed, many don't consider the importance of taking out insurance to ensure they're able to continue meeting their future home loan repayments.

For many, the ability to pay off their home loan becomes critical if they're unable to earn a salary due to a sudden and unexpected incident such as injury, illness or retrenchment. The ABS Housing Occupancy and Costs report shows the average weekly housing costs for all Australian households was $493 for owners with a mortgage in the 2019-2020 financial year, and with interest rates on the rise this figure will too. Which makes having protection in place all the more important.

Different types of insurance to protect your great Australian dream

There are different types of insurance available to assist if you're unable to earn an income. Life insurance provides a lump sum payment to your dependants in the event of your death, and this payment can be used to help them pay the mortgage. Income protection insurance can pay you regular amounts to replace part of your salary if you're temporarily unable to work due to illness or injury. Both are important types of insurances that can help provide you with the peace of mind that if you can't earn an income, you'll still be able to meet your expenses, especially your home loan repayments.

ANZ has home loan protection solution that aims to protect your great Australian dream by combining the benefits of life insurance and income protection into one product - eliminating any worries you may have about what could happen to your ANZ home loan if you ever get sick, injured, lose your job, or pass away.  Within ANZ Home Loan Protection, there are three cover options available to choose from depending on your eligibility.  If you purchase the illness and injury and involuntary unemployment cover- the amount of cover you receives will always match your minimum monthly loan repayments - whether you're on a fixed or variable interest rate – future-proofing you from rising interest rates.

While you can't plan for everything that might happen in the future, insurance can provide you with added safety and security to continue living your Australian dream – no matter what life throws at you. 

Protecting the great Australian dream

Discover more about life insurance

Insurance can help protect you and your loved ones from the unexpected. We've partnered with Zurich Australia – one of Australia's largest and most experienced life insurers – to help you take care of yourself and the ones who rely on you.

Read more 


Related articles

This information is current as at date of publication and is subject to change.

ANZ Home Loan Protection is issued by Zurich Australia Limited ABN 92 000 010 195 AFSL 232510. Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522 is the distributor of this product. We recommend that you read the ANZ Financial Services Guide (PDF)Target Market Determination (PDF) and the ANZ Home Loan Protection Product Disclosure Statement and Policy Document (PDF) (available online or by calling 13 16 14) before deciding whether to acquire, or to continue to hold, this product.

Although Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522 AFSL 234527) distributes these products, ANZ does not guarantee or stand behind the issuers or their products.

The issuer of this information is ANZ. While ANZ has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, ANZ does not accept any responsibility or liability arising from your use of this information.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. You should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. 

You need Adobe Reader to view PDF files. You can download Adobe Reader free of charge.