What is a certificate of currency?

A certificate of currency (CoC) is a document issued by your home insurance company that confirms that you’re insured.

When do I need to provide one?

We would typically request for a certificate of currency during the application process if you’re:

• Purchasing an existing property
• Refinancing your home loan
• In instances where your property isn’t covered by strata or body corporate

It’s required for your home loan if your property isn’t covered by strata or body corporate.

When updating your policy with your insurer, please ensure that your lender (eg. Commonwealth Bank of Australia) is listed as the interested party on your insurance policy.

Additionally, it's important that you ensure the insurance held for any security property remains current and covers against fire, storm, tempest, and other unforeseen hazards. The policy should at least equate to the full replacement value of any building or other improvements on the insured property. Your lender must also approve of both the insurer and the terms of the insurance policy.  

When don’t I need one?

You won’t need to offer a certificate of currency to us if you’re:

• Purchasing vacant land – As there is no building to insure, you won’t need to prove that you have insurance.
• Building a home - The builder’s insurance will usually cover your home until it’s complete. We’ll ask for the builder’s insurance prior to releasing the first payment to the builder.
• Own an apartment, unit or townhouse - Strata corporations cover apartments, units, and townhouses, hence you won’t usually need to provide a certificate of currency.

What happens if I don’t have one?

If you’re required to provide a certificate of currency and don’t have one, it usually means that we won’t be able to settle the purchase and legally allow the sale to finalise until you can prove that you’ve insured your property.

As a result, you’ll need to request for one by contacting your insurance provider. Make sure you state who wants the certificate, in this case, it would be, Commonwealth Bank of Australia, for your insurer to specify it on the document.

Why does Unloan need a certificate of currency?

This is used to protect us in the event that your property is damaged by an unexpected event such as a fire, storm, or theft.

What details are included in a certificate of currency?

It generally states that the insurance policy is effective and valid and provides the relevant information:

• Insured party details – Name/s and residential addresses of the insured party (borrower/s)
• Policy details - Insurance policy number and expiration date.
• Limit to protection – The maximum amount of money that the policy covers.
• Premium paid – Information on the premium paid by the insured party, the date and payment method.

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This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.