When getting a mortgage in New Zealand, many people choose to also get mortgage insurance as an extra layer of financial security. Because of the coverage provided by this insurance policy, the lender is safeguarded against financial loss in the event of a loan default by the borrower. A lot of mortgage lenders will not even consider a borrower's application without proof of this insurance, even though it's technically optional. The inability to make payments on a mortgage due to unforeseen circumstances is protected against by mortgage insurance in NZ. To a certain extent, the scope of protection afforded by such plans is determined by the insurer and the particulars of the policy at hand. Mortgage insurance is considered by some as an unnecessary extra expense while others see it as a crucial protection against unanticipated occurrences that could lead to foreclosure or other financial troubles. Mortgage insurance is vital in New Zealand's real estate market since it safeguards both lenders and borrowers. For More Info:- https://boldinsurance.co.nz/services/mortgage-broker/