Broker FAQs for domestic insurance premium funding

Setting up domestic insurance quotes and contracts involves some minor differences to commercial premium funding. The following FAQs will address the most common questions. If you have any further questions please contact your Elantis Premium Funding BDM. and they will be happy to assist you.

What is the definition of domestic insurance premium funding?

Where funding is either provided to an individual or sole trader and where the credit is provided wholly or predominantly for personal, domestic or household insurance purposes, or when funding is provided to a strata corporation. 

What are the loan acceptance criteria?

Minimum loan amount: $500 (Australia), $200 (New Zealand)
Maximum number of monthly instalments: 12
Maximum amount of non-cancellable policies: $5,000

For strata corporation loans

Minimum loan amount: $500 (Australia), $200 (New Zealand)
Maximum number of monthly instalments: 12
Maximum amount of non-cancellable policies: $5,000

No policies for building under construction.

How do I obtain a quote? 

Elantis Premium Funding distributes premium funding solutions through licensed insurance brokers.

Elantis Premium Funding will configure your logon ID which you can then use for both domestic/personal and commercial insurance premium funding quotes. From there, obtaining quotes and submitting contracts for approval is no different to the approach for commercial insurance funding. Simply log on to our SELECT system using your logon ID and password and proceed as you would do with commercial premium funding  

Is there a separate loan contract for domestic/personal insurance funding? 

Elantis Premium Funding has one contract for both commercial and domestic/personal insurance premium funding for Australia.  

In New Zealand there are two different contracts, one for commercial and one for domestic/personal.

How do clients accept the loan contract?

As with commercial insurance premium funding, clients can either sign the contracts physically or utilise the eSignature functionality whereby they accept the loan terms electronically without the need for a physical signature on the contract.  Electronic acceptance is only available in Australia.

What interest rates are charged? 

As with commercial insurance premium funding, interest rates are based on loan amount, settlement period, client risk and Elantis Premium Funding cost of funding.  

Can I combine Domestic/Personal and Commercial policies on the one contract? 

Yes, Elantis Premium Funding can accept one contract which includes both domestic/personal and commercial policies for any given client.  

If the domestic/personal component is more than 50% of the total amount being funded the separate Domestic login must be used for this contract. 

Are there any credit checks for domestic/personal funding clients? 

Yes, all domestic/personal loans are subject to individual credit checks.  

What happens if a client defaults on his payments? 

Elantis Premium Funding follows an established collection and contact process to demand payment. Generally, unless there are extenuating circumstances for why the client defaulted.  In Australia, after a period of 25 days from default, if no payment has been received, Elantis Premium Funding will request the insurance broker to cancel the policies that were funded. 

In New Zealand if the overdue payment is not cleared within 14 days we will request the insurance broker to cancel the policies that were funded.

If after receiving the Return premium, there is still a shortfall remaining, Elantis Premium Funding will seek to recover the shortfall directly from the client. 

Is Elantis Premium Funding authorised to provide domestic insurance funding?  

Yes. In Australia, ASIC has provided Elantis Premium Funding with an exemption from the National Credit Code provided that Elantis Premium Funding maintain adherence to certain conditions imposed by ASIC.

Elantis Premium Funding continues to satisfy all of these conditions. 

Quality service and reliability from the staff we deal with. Nothing is ever a hassle or
problem and they always provide assistance when needed.

Mick Le Grand

Fitzpatrick & Co Insurance Brokers Pty Ltd