Hi Richard,

I agree with you there is not much point approaching Gemworth. I’m thinking though that CBA have effectively sub-contracted out the LMI and that the CBA are the responsible party. I didn’t sign anything from Gemworth and all CBA have said is they costed in an ‘arrangement’ fee. Who knows what happened to my money, I certainly didnt give it directly to Gemworth.

As CBA provided no terms and conditions as far as I’m aware, of what they were providing. I’m thinking I could complain to the Financial Ombusman saying there was no ‘product’ delivered and therefore no contract.

I’m not a lawyer, I do though deal with contracts in the building industry and this situation has got me interested in how these LMI arrangements work.

Regards

Rob

WhitehouseMax,

I’ve just found your comments here from 2010. I bought a house but had to sell due to various reasons and had about $25,000 in mortgage insurance. I was buying another property and there was 1 month between the settlements. CBA wouldn’t move the mortgage over so I had to start again. ( with another bank ).

I have been looking though all my original bank documentation and there are absolutely no terms and conditions on the LMI. Also they were ‘arranged’ by CBA. I hold them therefore as the party I took the LMI out with.

I’m intending to go in hard and say they owe me pretty much it all back, on a pro-rata basis.

Did you have any original documentation from the bank about what the terms and conditions you entered into?

Cheers

Rob