TwoHeadsTas Posted 3June, 2018 Report Share Posted 3June, 2018 OK, daughter and partner are buying a unit in Vic and they've been offered "Title Insurance" by the Conveyancer. It's $400 on a $490k buy price. In my near 40 yrs as a beancounter in Tas I've never come across this before, just wondering whether it is a Victorian thing, and whether the general recommendation is to take it up, or is someone having a lend..... I'm sure there's someone here in the know ? Link to comment Share on other sites More sharing options...
Troubleshooter Posted 3June, 2018 Report Share Posted 3June, 2018 Never heard of it here either but they keep introducing these little insurances everywhere- maybe it's because paper titles dont exosist here anymore - all digital now - where is the paper proof of a name on a title. In early had kittens a couple of years back when they abolished them. Someone who knows more about than me will be along soon Twoey Link to comment Share on other sites More sharing options...
StevepGT3 Posted 3June, 2018 Report Share Posted 3June, 2018 I think they were talking about that during the banking royal commission, and I think it was an insurance that insured the lender against loan default but was zero Benefit to the borrower,and therefore another pilfering. Link to comment Share on other sites More sharing options...
Coastr Posted 3June, 2018 Report Share Posted 3June, 2018 My take on any type of insurance like this is to see how hard the seller of insurance pushes it. If they don’t care if you take it or not, it might benefit you. If they oudh you hard it definitely benefits them more than you. See also ‘extended warranty’ whenever you buy something. Link to comment Share on other sites More sharing options...
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