QBE LMI Policy for Mortgage Brokers 2026

QBE lenders mortgage insurance (LMI) is arranged through the lender, so a broker prepares the loan file against the lender’s requirements and QBE’s insurer criteria. Identify the insurer assigned to the application before using a QBE premium estimate or treating a lender’s approval as an insurance decision. Compare insurer pathways in the LMI policy guides.

The practical task is to keep the borrower evidence, security assessment and premium assumptions consistent through to settlement. For the borrower-facing explanation of what the insurance covers, use the lenders mortgage insurance guide.

Identify the QBE LMI Pathway

The Australian insurer is QBE Lenders’ Mortgage Insurance Limited, identified in its credit reporting policy. Start the file record with that entity, the lender or wholesale funder and the insurer recorded for this application.

QBE’s April 2026 LMI Guide leaves credit assessment with the lender. Delegated underwriting authority means a lender can commit QBE cover within agreed standards. For a referred case, QBE can request evidence or decide the insurance outcome.

Use the guide linked from QBE’s lender resources, then record its version beside the lender policy version. Keep an application reference for each decision so a later change can be traced to the correct file.

As at October 2026, LMI Connect is QBE’s lender platform for submitting proposals and supporting documents. Lenders can also calculate premiums and search approval records.

Access belongs to authorised users under the lender’s arrangement. A broker’s home loan submission does not itself establish access to that insurer platform.

Bank Australia’s broker tools page, as at October 2026, directs brokers to ApplyOnline to submit and manage loan applications. It also links QBE calculators and a separate valuation portal. Its June 2026 underwriting policy contains distinct QBE and Helia security columns, so record which insurer applies to the actual application.

Use this sequence to keep responsibility clear:

1. Submit the client’s loan application through the lender’s broker channel, with its requested evidence.
2. Have the lender identify whether the QBE case uses delegated authority or referral to QBE. Record the assessment contact and application reference.
3. Route further evidence through that contact. Label whether the request comes from the lender’s assessment or a QBE referral.
4. Obtain the lender’s written approval and applicable insurance conditions. Use the lender’s communication to explain outstanding settlement requirements to the client.

Keep a lender exception and an insurer decision as separate records. A lender contact agreeing to consider a file is not the final insurance outcome.

Prepare Borrower Evidence

Prepare borrower evidence against the selected lender’s policy, with a separate record for any QBE request. QBE’s April 2026 guide requires retrievable supporting evidence for the loan’s life and removal of government identifiers from documents sent to QBE.

Use the following file structure. The Bank Australia examples come from its June 2026 underwriting policy, not a universal QBE checklist.

Evidence area	What to organise	Bank Australia example
Identity and residency	Identity verification, citizenship or visa evidence and where each applicant lives	Resident individual borrowers must be at least 18 and Australian or New Zealand citizens or permanent residents
Employment and income	Employer, employment terms and documents supporting each income type used	Base salary evidence can be the two most recent payslips or three months of salary credits
Liabilities and expenses	Credit limits, repayments and living expenses matched to the application	The policy separates liability assessment and living expense verification
Deposit	Source of funds and evidence that purchase costs are covered	Funds to complete must come from acceptable, verified sources
Gifted funds	Gift evidence and whether the money must be repaid	A gift letter states that the gift is non-repayable and the giver has no property interest
Purpose	Purchase, refinance or construction documents relevant to the transaction	Evidence requirements depend on the loan purpose and verification level

Mark the evidence status for each applicant. A document can be received but still fail to support the income amount entered in the application. Record that mismatch before sending the file for assessment.

Separate standard evidence from a request made for this scenario. For example, label a lender’s usual salary evidence separately from an explanation requested after an employment change. Keep the request date and the response together so another broker can see what the assessor still needs.

QBE’s credit reporting explanation, as at October 2026, says the lender and QBE can each seek credit information. The application consent covers QBE’s enquiry, and two enquiries can appear for the same loan. Reconcile the client’s declared debts with the credit information and explain discrepancies through the assessment channel.

For lender evidence questions, Bulma’s Policy Advisor quotes the lender wording behind an answer. Keep that quotation with your file notes when documenting why you requested particular evidence.

Prepare Security and Valuation Evidence

Test the actual property against both insurer criteria and lender security rules. QBE’s April 2026 guide has these limits:

QBE criterion	Published position
Loan-to-value ratio (LVR)	Maximum 95% before premium capitalisation and 100% including it
Investment location	Maximum 70% in listed lmiInvest restricted postcodes
Valuation age	Less than 90 days at submission
Unacceptable security examples	Dwellings below 40 square metres internal living area and land above 50 hectares

QBE also requires a first mortgage. Its automated valuation model excludes vacant land and off-the-plan purchases. Use the April 2026 guide for the full method-specific criteria.

These ceilings do not establish that a lender will offer that amount on the property. In the security record, put the lender’s permitted LVR beside the insurer ceiling and use the lower applicable limit. The maximum LVR guide explains the calculation and how a lower valuation changes the result.

Record the address and postcode, title type, internal area, land size and intended occupancy. Add the valuation date and method, then compare the property’s description with the contract and application. If an automated result describes an established dwelling but the purchase is off the plan, resolve the valuation method before proceeding.

A referral question must identify the unresolved feature and the decision needed. For a hypothetical unusual property, write: “Please confirm the acceptable valuation method for this security, given the title and property description attached.” Include the proposed loan, relevant policy clause and valuation details. Ask the lender to record whether it can decide within its authority or needs QBE’s assessment.

Keep the written response with the security record. An informal statement that the postcode is acceptable does not settle a separate title or valuation-method issue.

Record Premiums, Conditions and Changes

Obtain the premium estimate through the lender’s QBE arrangement and retain the inputs with the quote date. QBE’s April 2026 guide directs lenders to QBE for rates and mortgage managers or originators to their funder.

As at October 2026, QBE’s LMI Connect has a premium calculator. Save the estimate returned for the proposed file, including the loan amount and security value entered. Record the product or loan purpose, property location, premium capitalisation choice and any discount applied.

Separate the premium, goods and services tax (GST) and any applicable state or territory duty in the client cost record. Label which costs are financed and which the client pays separately. Avoid transferring a previous client’s estimate to a new file, even when the purchase prices look similar.

If the valuation falls or the loan increases, update the assessment and obtain a fresh estimate. A change to occupancy, borrower details or deposit funding also needs to be considered against the decision already recorded. Send the changed facts to the lender with the previous application reference so it can determine the effect on its approval and QBE cover.

For an existing insured loan, distinguish a new advance from a security variation. QBE publishes a security variation form for partial releases and substitutions. Record the lender’s handling of the specific variation instead of treating every change as a fresh purchase application.

Before settlement, compare the final file with the approved application:

• Match the borrowers, loan amount and purpose to the current approval.
• Confirm the security and valuation used for the decision match the final transaction.
• Reconcile the premium estimate with the lender’s final cost disclosure.
• Record each outstanding lender or insurer condition and its supporting evidence.
• Obtain written confirmation of how material changes affect the approval before relying on the earlier decision.

The file is ready when the final transaction matches the current approval and the lender records that settlement conditions are satisfied. Keep that confirmation with the evidence and premium record.