What insurance do you need when buying a property?

As we have seen with the recent east coast floods, unforeseen disasters can strike at any time. That’s why it’s so important to protect yourself and your family financially – with the right kind of insurance for when something unexpected happens.

Sure, insurance may not be all that flashy and many people downright begrudge having to pay for it. But it gives you something that’s invaluable: peace of mind that your financial plans are protected, no matter what. 

Here are the types of insurance you should think about when buying a property.

Income protection

Say you get sick or have a bad accident and cannot work. Income protection is your financial safety net.

Income protection insurance pays part of your lost income for a set time if you’re unable to work due to partial or total disability, caused by sickness or injury. It takes the financial pressure off you while you get back on your feet and enables you to cover your mortgage repayments and other expenses.

It’s a good idea to check whether you have income protection insurance through your super fund, but if not, we can line you up with a reputable provider. Premiums for this type of insurance outside of super are usually tax deductable.

You may also like to consider trauma insurancetotal and permanent disability insurance and life insurance to protect you and your family’s financial future.

Mortgage protection

Mortgage protection insurance covers the cost of your mortgage repayments if you die or become seriously ill. It should be noted that it is only meant to cover your mortgage repayments and not any other expenses for you or your family.

Mortgage protection insurance may be a wise choice if you already have some other kind of life insurance – say with your super plan.

Landlord insurance

If you own an investment property, be sure to look into landlord insurance. This type of insurance can cover you against the risks landlords often face. Examples include tenant damage, theft, vandalism, fire, storms and other natural disasters.

It may also protect you if the tenant stops paying rent, as well as against other legal liabilities.

As with any insurance choice, it’s important to read the Product Disclosure Statement (PDS) to check what exactly is covered.

Building & Contents

Building or home insurance protects against the cost of rebuilding or repairing your property from things that are outside your control, like fire or natural disasters. You can opt for total replacement cover (to rebuild your home as it was prior to the event), or sum-insured cover (coverage up to a certain amount).

When you buy a property, your mortgage broker will most likely recommend that you insure the property before settlement day. When choosing your policy, make sure you have the right amount of coverage, as well as the right type of insurance for your actual needs.

Contents insurance protects your belongings, including carpets, rugs and curtains, in events such as fires, storms or theft. Often it will be bundled together with home insurance.

How your mortgage broker can help

Planning a property purchase? Working with a mortgage broker takes the burden out of finding the right home loan for your needs and the right type of insurance.

We can access some of Australia’s most respected insurance providers and offer you a competitive price

Our service is completely


Yes, that’s right. You pay zero, zip, nada.

1st Street’s premium service comes at no cost to you! 1st Street is paid by the lender when your loan settles, however, this will not affect your interest rate or loan fees! It is often more cost-effective for a mortgage broker to process a loan rather than the lenders processing it themselves in-house. In fact, we often find that we can save you money by negotiating on your behalf.

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A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz