Housing Loans Insurance Corporation
HLIC
1965 – December 1997
Statutory corporation that insured approved lenders against loss on housing loans, allowing home buyers to borrow with smaller deposits than lenders would otherwise accept.
How it came into existence
Established in 1965 under the Housing Loans Insurance Act 1965 as a body corporate responsible to the Minister for Housing, as a new body with no predecessor.
Legislation: Housing Loans Insurance Act 1965
How it ended
Privatised in December 1997, when its mortgage insurance business was sold to GE Capital; the statutory corporation was left only to manage insurance contracts written before the sale.
Main functions
- Mortgage insurance for approved lenders
- Insurance of high loan-to-valuation home loans
- Widening access to home ownership
Where it sits
Last in the portfolio of Department of Finance and Administration.
Lineage
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Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.