News archive

News archive 2015

Genworth response to ATO corporate tax transparency report

17 December 2015 - Genworth
Genworth Mortgage Insurance Australia Limited (GMA) provides the following update with respect to the Australian Taxation Office (ATO) corporate tax transparency report released today.

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National homebuyer confidence at post-GFC high

29 September 2015 - Genworth
The Genworth Homebuyer Confidence Index (HCI) has risen for a third consecutive period since March 2014. The HCI considers the proportion of monthly income used to service debt, the maximum loan-to-value ratio borrowers are comfortable with, their repayment history over the last 12 months and expectations for the next 12 months and whether respondents think it is a good time to buy property.

The 11th edition of Genworth's Streets Ahead reports that respondent's attitudes remain positive towards property. 

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Genworth Australia 1H 2015 Earnings

5 August 2015
Genworth Mortgage Insurance Australia Limited (GMA) reported statutory net profit after tax (NPAT) of $113 million for the half year ended 30 June 2015, a 25.4 per cent decrease on the previous corresponding period (pcp). Underlying NPAT for the half of $132.9 million was steady on the pcp.

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Re-evaluating LMI

June 2015 - Australian Securitisation Journal
Australian Residential Mortgage-Backed Securities (RMBS) have historically benefited from the additional credit support of Lenders Mortgage Insurance (LMI). Providers explain why LMI continues to play an important role in supporting the market's robustness - despite a re-examination of the role of mortgage insurance.

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Brokers key to consumer choice

7 May 2015 - Genworth
New analysis from Genworth Australia highlights the important role mortgage brokers play in exposing customers to a diverse range of lenders and products.

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Genworth Australia 1Q 2015 Earnings

29 April 2015
Genworth Mortgage Insurance Australia Limited (GMA) has reported a statutory Net Profit After Tax (NPAT) of $89.5 million for the quarter ended 31 March 2015, an increase of 29.2% compared to the previous corresponding period1 (pcp). Excluding $19.8 million of after-tax mark-to-market gains, the Underlying NPAT2 of $69.7 million was flat compared to the pcp.

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First home buyers turning to personal debt to fund deposits: Genworth

27 March 2015 - Property Observer
First home buyers are increasingly resorting to personal debt to fund their home deposits, according to the 10th edition of the Genworth Streets Ahead Homebuyer Confidence Index.

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First homebuyer confidence rises to a record high

26 March 2015 - Genworth
The Genworth Homebuyer Confidence Index has risen by 1.1 per cent in the last six months with an increased proportion of respondents believing now is a good time to buy property, and low levels of homeowners experiencing or expecting mortgage stress.

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Genworth Broker Day: John Symond provides insight and inspiration for brokers

6 March 2015 - Genworth
At Genworth Australia's inaugural Broker Day last week, Aussie Home Loans founder, John Symond, used his keynote address to express positive sentiments regarding the state of the mortgage industry.

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Genworth Australia Full Year 2014 Earnings

11 February 2015
Genworth Mortgage Insurance Australia Limited (GMA) has reported a statutory net profit after tax (NPAT) of $172.7 million for the six months ending 31 December 2014, and a statutory NPAT of $215.2 million relating to the financial period post the Initial Public Offering (IPO), being from 19 May 2014 to 31 December 2014.

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News archive 2014

Genworth Survey: Australian mortgage market in good health

19 November 2014 - Genworth
Genworth’s annual survey of the Australian mortgage market has shown that participants rate the overall health of the mortgage market positively and increasingly believe that supermarkets and online operators could have the largest impact on the sector.

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Annual survey gives Australian mortgage market a clean bill of health

19 November 2014 - Genworth
Consumers and industry professionals rate Australia's mortgage market positively, according to a Genworth survey released today.  

However, the survey did point to declining first home buyer loans, according to Bridget Sakr, Genworth chief commercial officer.

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Genworth Australia 3Q 2014 earnings

6 November 2014
Genworth Mortgage Insurance Australia Limited (GMA) has reported a statutory net profit after tax (NPAT) of $64.0 million and an Underlying NPAT of $70.2 million for the quarter ended 30 September 2014.

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Mortgage stress has halved, just 2% behind on repayments: Genworth

19 September 2014 - Property Observer
Homebuyer Confidence Index has risen 7.3 points in September, largely as a result of low interest rates reducing mortgage stress. First home buyers that purchased over the past 12 months were significant contributors to the lift in confidence, at a high not reported since September 2012, while mortgage stress in general is significantly lower.

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Mortgage borrowers feeling increasingly confident

19 September 2014 - The Adviser
Homebuyers are feeling more confident and experiencing less mortgage stress, although fewer people think now is a good time to buy. The Genworth Homebuyer Confidence Index for September has climbed to 98.1, after sitting at 92.4 per cent the year before.

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Homebuyers feeling more confident

19 September 2014 - Australian Broker Online
Homebuyer confidence has risen as significantly fewer homeowners are experiencing mortgage stress. The Genworth Homebuyer Confidence Index rose to 98.1 in September, up 7.3 from 90.8 in March.

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Genworth Homebuyer Confidence Index rises 7.3 points in September

18 September 2014 - Genworth
The Genworth Homebuyer Confidence Index rose to 98.1 in September from 90.8 in March driven by significantly fewer homeowners who have experienced mortgage stress over the past 12 months or who expect to experience stress in the upcoming 12 months.

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LMI makes sense, say prominent brokers

02 September 2014 - The Adviser
Prominent brokers have endorsed LMI as part of a Genworth campaign to promote mortgage insurance.

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Genworth looking to clear up 'common misconceptions' with new online portal

29 August 2014 - Property Observer
Genworth Australia chief commercial officer Bridget Sakr says that consumers have some common misconceptions about lenders mortgage insurance (LMI), which are often due to a lack of understanding about what it is.

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Genworth Australia first half 2014 earnings

30 July 2014
Genworth Mortgage Insurance Australia Limited (GMA) has reported a statutory net profit after tax of $42.5 million relating to the financial period post the re-organisation steps of the Initial Public Offering (IPO), being from 19 May 2014 to 30 June 2014.

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Genworth Australia successfully completes initial public offering

21 May 2014 
Genworth Mortgage Insurance Australia Limited ACN 154890730 (Genworth Australia) today announces the successful completion of its previously announced initial public offering (IPO) of 220 million of its ordinary shares at an IPO price of AUD$2.65 per ordinary shares.

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Genworth Australia prices initial public offering

15 May 2014 
Genworth Mortgage Insurance Australia Limited (Genworth Australia) today announced that it has priced its initial public offering (IPO) of 220 million of its ordinary shares (shares) at an IPO price of $2.65 per share.

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Homebuyer confidence falls in March

31 March 2014 - The Adviser
Reduced first home buyer numbers and cost of living pressure are undermining home buyer confidence, a key industry survey shows. The Genworth Homebuyer Confidence Index dropped by 1.6 points from the September 2013 figure, with 49 per cent of respondents citing cost of living as the key driver of mortgage stress.

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It was those three words that saved my… property dream

27 March 2014 - Property Investor
Lenders’ mortgage insurance. They’re the three little words that can dramatically get you started in investing and help you on your way to building a portfolio, especially in a hot market. It’s not complicated. But unlike Cheryl Cole and Will.i.am’s ‘Three words’ song, lenders’ mortgage insurance does seem to be underrated.

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Majority believe it is harder to get into property now than for previous generation: Genworth

26 March 2014 - Property Observer
Interestingly, the Genworth Homebuyer Confidence Index saw a 1.6 point drop from September 2013 to March 2014, which they note was partially to a decline in first home buyer confidence, as well as overall cost of living pressures for those currently holding mortgages.

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Homebuyer confidence down in March

26 March 2014 - Switzer Broker
National homebuyer confidence posted a modest decrease between September 2013 and March 2014 according to the latest Genworth Homebuyer Confidence Index. Confidence fell by 1.7% to 90.8 in March.

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First homebuyer sentiment plumbs new low on fears of underemployment

26 March 2014 - The Australian
Rising living costs and underemployment have bruised confidence among Australian mortgagees, with first-home buyer sentiment taking the biggest hit over the past six months, according to the latest report by mortgage insurer Genworth.

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Homebuyer confidence falls in March

26 March 2014 - Real Estate Business
Genworth has launched the eighth edition of Streets Ahead which discusses the results of the Homebuyer Confidence Index.

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71% of FHBs think the Australian dream of owning your own home is realistic

March 2014 - Genworth Communication
Genworth has launched the eighth edition of Streets Ahead which discusses the results of the Homebuyer Confidence Index.

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LMI factsheet

February 2014 - Understand Insurance
LMI is insurance that a lender takes out to insure itself against the risk of not recovering the full loan balance should you, the borrower, be unable to meet your loan payments.

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Moody’s predicts steady year for LMI groups

10 February 2014 - Insurancenews.com.au
Moody’s Investors Service expects to maintain the ratings of insurers offering lenders’ mortgage insurance (LMI) over the next year.

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Genworth Financial Announces Fourth Quarter 2013 Results

06 February 2014 - Genworth communication
Richmond, VA (February 4, 2014) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the fourth quarter of 2013.

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Moody's: Australian mortgage insurance companies' ratings should remain stable in 2014

29 January 2014 - Moody's
Moody's Investors Service says the ratings for Australian mortgage insurance (MI) companies should remain stable in the next 12 months, as MI companies are well-capitalised, have low and stable loss ratios, and retain their strong market positions.

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Western Australia - borrower relief package

January 2014 - Genworth communication
As a leading provider of lenders mortgage insurance, Genworth is not only committed to getting people into homes sooner, but also keeping them there.

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New South Wales, South Australia and Victoria bushfire disaster - borrower relief package

January 2014 - Genworth communication
As a leading provider of lenders mortgage insurance, Genworth is not only committed to getting people into homes sooner, but also keeping them there.

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Fundamentals for 2014 are solid but I'm not predicting a boom: Simon Pressley

06 January 2014 - Property Observer
I am as bullish about the outlook for property markets in Australia now as I have been at any time over the last five years. I won’t go as far as forecasting a boom however the fundamentals are solid. The 2013 year-end looks like this

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News archive 2013

9 out of 10 lenders to focus on digital distribution

27 November 2013 - The Adviser
A recent report has revealed that a vast majority of lenders expect to see more mortgages written via online and mobile devices over the next five years

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One in 10 happy to borrow close to 100%

22 November 2013 - Property Observer
A new study has found that while the majority are happy borrowing up to 80% of their property's value, one in 10 would be comfortable to borrow 100% or close to it, according to a new survey by Loan Market.

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Brokers fear for first homebuyers

22 November 2013 - Australian Banking and Finance
Housing affordability is a growing problem and is now the biggest challenge that the mortgage industry faces over the next five years.

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First homebuyers walk away

21 November 2013 - The Australian
MORTGAGES: One in two brokers is seeing a drop off in first homebuyers as rising prices and the removal of concessions in some states offset falling interest rates for those trying to enter the housing market, according to a report by mortgage insurer Genworth..

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Revenue 'gushing' into Treasury coffers: Time to stamp out stamp duty?

21 November 2013 - Australian Broker Online
Stamp duty taxes need to be eliminated – and first home buyer grants do little to bandage the wound, according to some industry spokespeople.

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Supermarkets tipped to shake up industry

21 November 2013 - The Adviser
Almost one third of brokers believe in the next five years the biggest impact on the mortgage industry will come from supermarkets.

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Stamp duty overhaul may not be enough

20 November 2013 - Smart Property Investment
A recent survey of lenders and mortgage brokers revealed many of them would like to see stamp duty removed or reduced in order to stimulate the housing market, but others contend the measure would simply be a Band-Aid solution.

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Genworth survey: access to affordable housing key to brokers, lenders

21 November 2013 - Genworth
Genworth’s annual study of the Australian mortgage industry has shown that almost half (45%) of the brokers surveyed believe that helping Australians overcome the lack of access to affordable housing will be one of the biggest challenges facing the mortgage industry over the next five years.

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LMI provider develops online 'toolkit' to help brokers, borrowers understand the product

11 November 2013 - Australian Broker Online
Genworth Australia has released an online ‘toolkit’ to assist with ‘increasing the knowledge base that lenders, brokers and borrowers have about LMI’.

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New free toolkit helps brokers educate borrowers

8 November 2013 - The Adviser
A new resource for brokers to help educate consumers about lender's mortgage insurance has been made available from Genworth.

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Borrowers turn to LMI as market booms

6 November 2013 - The Adviser
With the property market increasingly robust, consumers would rather borrow with low deposits and pay LMI than save for a larger deposit to avoid the extra expense.

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Desperate times for first homebuyers

3 November 2013 - The Sunday Telegraph
Saving a deposit for a Sydney property has become so difficult that first homebuyers are using lenders mortgage insurance to enter the market before prices rise again; and are saving money in the process.

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74% of Aussies say now is a good time to buy

28 October 2013 - Australian Broker Online
Nearly three-quarters (74%) of Australians feel now is a good time to buy property, according to RP Data’s Nine Rewards Survey of housing market sentiment.

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Nine tips for maintaining your sanity while building a house

24 October 2013 - Property Observer
Building a new house is a big undertaking and there’s a good chance there’ll be a few stressful moments during the process. Fortunately, there are plenty of steps you can take to minimise the problems. Load up your toolkit with some of these stress avoidance and management techniques, and keep your sanity along the way!

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First homebuyer lending drops to lowest point since 2004

15 October 2013 - Property Observer
First homebuyer lending has dropped to its lowest point since April 2004, according to the Australian Bureau of Statistics.

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First homebuyer lending drops to lowest point since 2004

15 October 2013 - Property Observer
First homebuyer lending has dropped to its lowest point since April 2004, according to the Australian Bureau of Statistics.

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FHBs a viable market, if agents target correctly

11 October 2013 - Real Estate Business
While half of potential first home buyers still believe it's possible to own a property, a digital media expert believes agents aren't approaching this market in the most effective way.

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One in four struggles with payments

10 October 2013 - The Adviser
More than one in four homeowners has struggled to meet their mortgage repayments for at least some months in the past year, according to a report released by Genworth.

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LMI still an obstacle for brokers

9 October 2013 - The Adviser
Many first home buyers may not realise their property ambitions because of brokers’ reluctance to facilitate lender's mortgage insurance (LMI).

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National homebuyer confidence has decreased by 1.1%

9 October 2013
Genworth has launched edition 7 of Streets Ahead which saw a decrease in homebuyer confidence between March and September 2013.

For more information and to download your copy of the report click here

Unemployment will limit future price growth

01 October 2013 - Property Observer
Unemployment will limit future property price growth, according to CBRE.

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Top brokers say agents are best referrers

25 September 2013 - The Adviser
More top brokers believe real estate agents are their best referral partners, according to a survey of elite brokers.

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A dollar of super is not a dollar saved

25 September 2013 - Business Spectator
Does compulsory superannuation increase saving? The answer to this question is less obvious than many people suppose.

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Positive outlook on the Sydney property market

18 September 2013 - Property Observer
Confucius say: Study the past if you would define the future. I say: Study the past 16 years of property metrics in Australia and you will see signs that a strong growth period might well be upon us. 

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APRA uncomfortable with housing 'exuberance'

18 September 2013 - Australian Broker Online
A surging housing market could be severely undercut if lenders lower their credit standards to woo consumers.

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Technology won’t hit brokers' market share

18 September 2013 - The Adviser
Advances in technology will not cost brokers business, according to NAB’s executive general manager, growth partnerships, Anthony Waldron.

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Home prices up 5 percent in past 12 months

02 September 2013 - Sydney Morning Herald
Australian capital city home prices have risen more than five per cent in the past year, with the Sydney and Perth property markets leading the charge.

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RBA poised to hold its ground on rate cut

02 September 2013 - Sydney Morning Herald
The overwhelming consensus among economists is that the RBA will leave the official cash rate on hold at 2.5 per cent, its lowest point since 1959.

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A second set of eyes

30 August 2013
Genworth’s chief commercial officer Bridget Sakr believes increasing lender competition should help brokers grow their market share.

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Streets Ahead pulse check: homebuyer confidence rebounding

19 August 2013
Homebuyer confidence is on the up in Australia, on the back of improved consumer expectations of mortgage stress, according to the Streets Ahead Genworth Homebuyer Confidence Index.

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Streets Ahead pulse check: buyers' confidence starting to recover

07 August 2013
The property market recovery appears to be entering a new stronger phase transitioning from market observers to participants as clearance rates jump around 10 per cent from this time last year.

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Streets Ahead pulse check: consumer confidence surges 7 percent

02 August 2013
Consumer confidence has reached its highest level since the beginning of the global financial crisis.

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Genworth Financial announces second quarter 2013 results

01 August 2013
Richmond, VA (July 30, 2013) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the second quarter of 2013.

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Streets Ahead Pulse Check launches: confidence at its highest ever level

01 August 2013
New figures from an independent survey commissioned by Genworth, Australia’s leading provider of Lenders Mortgage Insurance, suggest that homebuyer confidence has rebounded significantly in Australia over the past quarter on the back of improved consumer expectations of mortgage stress.

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The road ahead: The Adviser and Genworth aggregator roundtable

June 2013
Genworth, along with The Adviser, gathered Australia’s aggregation heads together to hear their perspectives on the market and on what the future holds for the third party distribution channel.

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Genworth Financial announces first quarter 2013 results

30 April 2013
Richmond, VA (April 30, 2013) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the first quarter of 2013.

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Genworth Homebuyer Confidence Index: Australian Homebuyers Cautious About the Future

27 March 2013
Despite the official unemployment rate holding steady during the past six months, borrowers’ fears around future job security contributed to a fall in the latest Genworth Homebuyer Confidence Index.

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Genworth Financial Announces Fourth Quarter 2012 Results

5 February 2013
Richmond, VA (February 5, 2013) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the fourth quarter of 2012.

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Genworth Australia announces appointment of Chief Financial Officer

4 January 2013
Genworth Australia (Genworth) today announced the appointment of Paul Fegan, who will join the company as chief financial officer (CFO), effective 7 January 2013.

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News archive 2012

Genworth Financial Names Thomas J. McInerney President and Chief Executive Officer

12 December 2012
Genworth Financial, Inc. (NYSE:GNW) today announced that its board of directors has selected Thomas J. McInerney as the company’s president and chief executive officer, effective January 1, 2013.

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Insurance Council welcomes privacy amendments

30 November 2012
“We are very pleased that all sides of politics in Federal Parliament have recognised the important role LMI plays in the housing and financial market.”

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Lenders and brokers struggle through 2012

13 November 2012
Genworth today launched its annual Home Grown: Mortgage Industry Perspectives report revealing the findings of a comprehensive survey of the Australian mortgage market.

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Genworth and Lifeline launch new partnership to help australians in mortgage stress

1 November 2012
Genworth, Australia’s leading lender mortgage insurer, has formed a new partnership with Lifeline to highlight the devastating effect that financial stress can have on families.

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Genworth Financial announces third quarter 2012 results

30 October 2012
Richmond, VA (October 30, 2012) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the third quarter of 2012.

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Streets Ahead September 2012 edition 

26 September 2012
Australian National homebuyer confidence has reached a post-GFC high, according to the Genworth Homebuyer Confidence Index (HCI), a biannual measure of homebuyer and would-be homebuyer sentiment.

The Genworth HCI shows sentiment at 98.4, up 2.2% since March 2012 and at the highest level since 2007. In conjunction, the Genworth HCI shows that nearly half (49%) of those surveyed believe now is a good time to buy a home. This is a new high since the Genworth HCI started in 2007 and a 10% increase from March 2012.

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Genworth Financial announces second quarter 2012 results

1 August 2012
Richmond, VA (July 31, 2012) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the second quarter of 2012.

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NHB, Genworth, ADB and IFC join together to form the India Mortgage Guarantee Corporation PVT. LTD

18 July 2012
National Housing Bank (NHB), Genworth, Asian Development Bank (ADB), and IFC, a member of the World Bank Group, have together set up a joint venture mortgage guarantee company.

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St Vincent de Paul - CEO Sleepout 

15 July 2012
Genworth's CEO Ellie Comerford sleeps with a piece of cardboard, a sleeping bag, a pillow, and a willingness to combat homelessness - industry CEOs sleep rough at the 2012 Vinnies CEO Sleepout.

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A Message from Martin P. Klein

27 June 2012
Today, Moody’s Investors Service announced a one-notch downgrade for Genworth Financial’s U.S. Life Insurance business to A3 (stable) and a review for downgrade on Genworth Financial’s holding company and U.S. Mortgage Insurance (USMI) business.

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Report: Consumer Sentiment - Mortgage and Finance Brief

21 May 2012
Recent consumer sentiment surveys by Genworth Financial and Allianz have revealed very different levels of confidence in Australia.

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Australian Mortgage Conference 2012 - Brave new world 

8 May 2012
The Australian mortgage industry continues to face challenges; however, Australia is better placed than other major economies facing tough conditions.

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Siphoning signals from Genworth - Business Spectator

3 May 2012
Hysterical housing doomsayers got very excited by the delay of Genworth Australia’s IPO on the back of a modest first quarter loss. It was said by some that this might be the 'canary in the coal mine' and presage deep gloom for Australia’s much-maligned housing market

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Genworth Financial announces first quarter 2012 results

3 May 2012
Richmond, VA (May 1, 2012) – Genworth Financial, Inc. (NYSE: GNW) today reported results for the first quarter of 2012.

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Ellie Comerford interview - The Australian Financial Review Boss Magazine

13 April 2012
Meet Ellie Comerford, from buying her first home to becoming the CEO of Australia's leading Lenders Mortgage Insurance provider.

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Genworth announces Board changes

30 March 2012
Genworth Australia announces that Ian MacDonald has been appointed as a non-executive Director and will assume chairmanship of the Remuneration Committee.

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Genworth announces appointment of Non-Executive Chairman for Australia

27 March 2012
Genworth is pleased to announce the appointment of Richard Grellman AM as Non-Executive Chairman for Genworth Australian companies.

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Genworth launches Streets Ahead: Edition 4 – March 2012

21 March 2012
Genworth released the Fourth Edition of the Streets Ahead report which discusses the Genworth Homebuyer Confidence Index (HCI) and measures existing and potential homebuyer sentiment about the mortgage market. 

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Genworth backs Australia’s lending industry - The Adviser

27 February 2012
Paul Caputo and a market update on housing affordability at the Australian Mortgage Conference.

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News archive 2011

Genworth backs Australia’s lending industry - The Adviser

9 December 2011
Genworth has reaffirmed its commitment to recognising quality, innovation and leadership with its decision to partner the Australian Lending Awards and Australian Mortgage Conference in 2012.

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Graduates given a home ownership boost - The Adviser

24 November 2011
Genworth has unveiled a new mortgage insurance product that will help graduates get into their first home faster.

The 'Graduate Package', which boasts a lot of new features, is expected to make home ownership easier for younger Australians.

Increased property prices, the removal of the extended First Home Owners Grant and the tightening of credit policy over recent years has made it more difficult for young people to purchase their first home.

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Genworth launches Home Grown: Edition 2 – November 2011

24 November 2011
Genworth has today launched the findings of its annual Home Grown: Mortgage Industry Perspectives report revealing the findings of one of the most comprehensive industry surveys undertaken in the Australian mortgage market.

Based on an online survey conducted in August and September 2011 of 200 lender representatives and 300 brokers as well as face to face interviews with several leading industry figures, Home Grown captures the industry’s view of lending volumes, changes within the market, borrower hardship and the outlook for lending.

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‘A profile of Ellie Comerford’ – The Sydney Morning Herald

05 October 2011
This insurance boss believes Australian home buyers are in ''a pretty good spot''.

Despite the gloom and doom in the US and Europe, plus ongoing housing affordability issues in Australia, Ellie Comerford believes the local residential property market is looking fairly healthy.

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Genworth launches Streets Ahead: Edition 3 – September 2011

21 September 2011
While the Genworth HCI shows homebuyer confidence across the nation was down 2% from March 2011, sentiment was buoyed by a return to confidence in Queensland. Despite the drop, the Index is still 3% higher than levels recorded in 2008 during the global financial crisis.

Genworth CEO Ellie Comerford said: “The results show the drop in borrower confidence is mainly due to an increase in the number of borrowers experiencing mortgage stress - up from 21% in March this year to 25% in this survey.”

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Genworth welcomes Federal Government moves for more homebuyer education about home loans with lenders mortgage insurance

21 August 2011
Genworth, Australia’s leading mortgage insurer, today welcomed the Federal Government’s announcement on its bank competition reform package relating to a mandatory mortgage fact sheet about Lenders Mortgage Insurance for homebuyers.

Genworth supports the move, which will help home buyers compare “apples with apples” and get the right deal for them plus help consumers better understand the costs and benefits of Lenders Mortgage Insurance when taking out a home loan..

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Articulating lenders’ mortgage insurance in The Adviser magazine

22 June 2011
With affordability an increasing concern in the current market, a growing number of borrowers are finding that the traditional 20 per cent deposit is well beyond their reach.

For many, this will mean missing out on home ownership for many years while they struggle to save for a deposit. However, with a clearer understanding of the benefits, costs and opportunities associated with lenders’ mortgage insurance (LMI), it could be a very different story.

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Genworth launches International Mortgage Trends Report

03 June 2011
Genworth Financial (Genworth) has today released the inaugural Genworth International Mortgage Trends Report detailing the results of a survey of borrower sentiment and mortgage market trends in eight countries across four continents.

The report is based on a survey of more than nine thousand current and aspiring homebuyers from Australia, Canada, India, Ireland, Italy, Mexico, the UK and the US, comparing borrower attitudes in those countries towards the economy, their personal finances, and the mortgage market.

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Genworth Financial appoints Tony Gill as new independent Australian board member

24 May 2011
Genworth Financial today announced the appointment of banking and securitisation professional Tony Gill as a new independent director of its board in Australia.

Genworth CEO Ellie Comerford said that Tony Gill's appointment brings a new depth of finance, strategy and mortgage market expertise to the Australian Board, which will help guide Genworth to reach its strategic goals and continue to meet the needs of its customers in a changing market environment.

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Genworth announces expanded hardship assistance

17 May 2011
Genworth Financial (Genworth) today announced an expanded hardship solutions package for borrowers experiencing longer term hardship due to natural disasters.

The overwhelming majority of borrowers who have sought assistance after the recent natural disasters are experiencing hardship due to temporary loss of income. The scale of these events means that, for a number of borrowers, this issue may not be resolved for some months to come.

Working closely with lenders, the new package expands existing initiatives to support extended loss of income, offering a range of repayment break options such as a 50% repayment break for a further 3 months on qualifying loans.

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‘Opportunity or obstacle?’ – The Adviser

May 2011
Lenders mortgage insurance is a misunderstood but often essential tool to help first time buyers enter the property market. The Adviser asked some of Australia’s leading brokers how they address the topic with their clients and how they overcome common misconceptions

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Natural disasters tip confidence

30 March 2011
The Second Edition of the Genworth Homebuyer Confidence Index reveals homebuyer confidence across Australia has dipped by 1.5% since September 2010 - the second consecutive fall since the launch of the index last year. Despite Australia's relatively strong economic performance, this fall was driven by decreased confidence in the natural disaster affected regions of Queensland and Western Australia coupled with growing concern amongst Australian homebuyers about the rising cost of living.

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'Portability could push LMI premiums up: Genworth' - The Adviser

23 March 2011
Making Lenders Mortgage Insurance fully portable could do more harm than good, Genworth's chief executive Ellie Comerford has claimed. Speaking to The Adviser, Ms Comerford said Treasurer Wayne Swan's proposal to make LMI transferable for borrowers would not work for a couple of reasons.

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'Dealing with hardship' - Mortgage & Finance Brief

Feb-March 2011
As per our Borrower Relief Package parameters, the following options are viable to borrowers experiencing genuine hardship:

Christchurch Earthquake - Borrower Relief Package

22 February 2011
In response to the extensive damage to property caused by the earthquake today in Christchurch, Genworth Financial (Genworth) has announced hardship relief parameters in support of the borrowers affected by this event.

Where, in respect of any Genworth insured loan, you identify a genuine hardship case as a direct result of the earthquake in Christchurch and the affected borrower requests a temporary deferment of monthly repayments, Genworth advises that the following assistance is available:

  • Up to 3 months interest capitalisation
  • Loans will not be regarded as being in arrears during this period
  • The term of the loan may be increased or repayments re-calculated over the existing remaining term, at the discretion of the lender

Please note that existing delinquent loans are excluded from this offer but should be referred to our Hardship Solutions team for review hardship@genworth.com.

Please liaise with your funder, where appropriate, to arrange hardship assistance if required. For further details please contact your Genworth Relationship Manager.

Our thoughts are with those affected by this disaster.

Genworth donates to the Premier's Disaster Relief Appeal

16 February 2011
Genworth organised an internal global fundraiser for the Queensland Premier's Disaster Relief Appeal, with Genworth Australia giving $20,000, a large portion of which is made up of donations from employees. In addition, Genworth's philanthropic organisation, the Genworth Foundation, has contributed $20,000, bringing the total contribution to $40,000.

All donations will be given to the Queensland Premier's Disaster Relief Appeal, and will go towards providing not only shelter, food and clothing, but also long-term, sustainable support to help out the victims of the floods.

The Queensland floods have been just one of the natural disasters that have hit Australia this year, with the floods in northern New South Wales, Victoria and Tasmania and Perth bushfires happening shortly thereafter. Our sympathies go out to all that have been affected by these distressing events.

Cyclone Yasi and bushfires in Western Australia - Borrower Relief Package

07 February 2011
In response to the extensive damage to property caused by cyclone Yasi and the recent bushfires in Western Australia, Genworth Financial (Genworth) has announced hardship relief parameters in support of the borrowers affected by this event.

As per our Borrower Relief Package parameters, the following options are viable to borrowers experiencing genuine hardship:

  • Up to 3 months interest capitalisation
  • Loans will not be regarded as being in arrears during this period
  • The term of the loan may be increased or repayments re-calculated over the existing remaining term.

Further assistance may be available subject to individual circumstances.

If you have any queries about our Borrower Relief Package, please do not hesitate to contact our Hardship Solutions Team at hardship@genworth.com or on Fax: 1300 135 759, or your Genworth Sales Manager.

'Financial services sector offers flood relief' - The Adviser

31 January 2011
With the flood waters now subsiding, Australia's majors have all offered increased emergency assistance including the suspension of mortgage and credit card payments for up to three months, an immediate raise in credit limits, the waiving of most fees on new personal and business loans, and no penalties for customers withdrawing term deposits...

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Floods update

20 January 2011
Further information on our Borrower Relief Package, our Brisbane office and details of a dedicated relief team setup to answer your queries relating to flood affected borrowers. We are also continuing our fundraising efforts for the Premiers Disaster Relief Appeal, adding to the $30,000 already raised.

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Natural Disasters - Borrower Relief Package

19 January 2011
In addition to the hardship relief parameters recently announced by Genworth relating to the Queensland and New South Wales floods, we wish to confirm the extension of these parameters for Genworth insured loans to borrowers who have been affected by the Victorian or Tasmanian floods, or the Western Australian bushfires.

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Floods in Queensland and northern NSW

14 January 2011
In response to customer enquiries relating to the floods affecting Queensland and northern NSW, Genworth has produced a preliminary list of flood affected suburbs, as well as provided guidelines on a range of issues to ensure a consistent approach.

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Queensland floods - Genworth update

13 January 2011
As advised on Tuesday, our Brisbane office has been evacuated due to the floods in Queensland and at this stage will remain closed until Monday 17th January. All processing has been directed to other states and we continue to do what we can to provide uninterrupted service levels. We thank you in advance for your understanding.

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Genworth's thoughts go to all those affected by the Queensland floods

11 January 2011
As a result of the floods in Queensland, all Genworth staff in Brisbane have been evacuated and the office is closed until further notice. Our Brisbane contact numbers remain unchanged and communications have been diverted to the Sydney office.

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Queensland floods - Borrower Relief Package

5 January 2011
In response to the extensive damage to property caused by the floods in Queensland, Genworth has announced hardship relief parameters in support of the borrowers affected by this event. There are a range of options to suit individual borrower circumstances.

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News archive 2010

Genworth Financial UK launches The Genworth Index

November 2010
Genworth Financial UK launches the fourth edition of The Genworth Index, a measure of consumer financial vulnerability across 18 countries in Europe, North America and Australia. The research, conducted across 14,000 households, incorporates a measure of the level of financial difficulty experienced by the household and the household's expectations for their own future financial position.

Genworth Financial launches Home Grown: Mortgage Industry Perspectives

15 November 2010
The inaugural Genworth Financial Home Grown: Mortgage Industry Perspectives report reveals the findings of one of the most comprehensive industry surveys undertaken of the Australian mortgage market. The report features the results from a survey of over 500 industry participants from all industry segments, and includes contributions from many of you. It provides a deep-dive into the opinions of lenders, brokers and mortgage industry experts on lending volumes, changes within the market, borrower hardship and the outlook for lending.

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'Leading the way in changing times' - MPA Magazine

October 2010
In times of change, the quality of leadership plays a pivotal role in determining how successful a new environment will be for an industry. We are experiencing such a time, as the global mortgage industry evolves, and consequently results in changes in our approach to licensing and regulation in Australia. Paul Caputo explains.

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Genworth Announces Appointment of CEO for Australia and New Zealand

5 September 2010
Genworth today announced that Ellie Comerford will join Genworth Australia as president and chief executive officer. Comerford will also become an officer of the global parent company, Genworth Financial, Inc.

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'New confidence index a window on homebuyer sentiment' - MPA Magazine

September 2010
In order to better understand the Australian borrower, Genworth Financial has launched its Homebuyer Confidence Index to see what drives homebuyer confidence and what is affecting their property purchasing decisions. Paul Caputo explains.

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Genworth Financial launches Homebuyer Confidence Index

17 September 2010
Leading lenders mortgage insurer Genworth has today launched the Genworth Homebuyer Confidence Index (GHCI) - a single measure of borrower and would-be borrower sentiment.

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'Broker Roundtable: The cost of opportunity' - The Adviser

August 2010
Lenders mortgage insurance is a misunderstood but often essential tool to help first time buyers enter the property market. The Adviser examines how veteran brokers address the topic with clients, and turn what is sometimes perceived as a negative into a positive.

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'Quick step past the rental trap' - First Property Buyer

August 2010
Rising property prices and rents are making saving for a deposit difficult for a large number of Australians. But there is a way first time buyers can leapfrog years of deposit saving and realise their dream of home ownership sooner, by using lenders mortgage insurance (LMI).

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'How soon is now?' - MPA Magazine

August 2010
High loan-to-value lending has played an important role in supporting the first homebuyer market in Australia since the federal government introduced lenders mortgage insurance in 1965, says Paul Caputo.

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'Combating fraud' - MPA Magazine

July 2010
The National Consumer Credit Protection (NCCP) legislation came into effect on 1 July 2010, enshrining into law responsible lending obligations. Having a process in place to mitigate fraud is part of this process, and so brokers and lenders may need to look at ways to bolster their verification and validation procedures, as Craig Mackenzie explains.

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Genworth Servicing Calculator and LMI Underwriting Policy Update

11 June 2010
The Genworth Financial Servicing Calculator and LMI Underwriting Policy have been updated to reflect policy changes effective 11 June 2010.

  • Click here to access the Servicing Calculator
  • Click here to access the Underwriting Policy
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    News archive 2009

    Genworth Servicing Calculator and LMI Underwriting Policy Update

    14 December 2009

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    Genworth releases 2009 Mortgage Trends Report

    22 July 2009

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    Genworth launches the online LMI Underwriting Policy

    1 June 2009

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    Genworth fundraiser contributes $50,000 to assist bushfire victims

    4 March 2009

    Genworth extends relief package to bushfire victims

    12 February 2009

    Genworth enhances lender resource centre

     

    News archive 2008

    Genworth Financial, Inc. CEO Applauds SEC Short Selling Ban

    19 September 2008

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    Genworth Financial, Inc. reiterates its strength in light of the current environment

    19 September 2008

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    'The tie that binds mortgages' MPA Magazine

    11 September 2008

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    The Genworth Sydney office has successfully relocated to 101 Miller Street, North Sydney

    8 August 2008

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    2008 Mortgage Trends Report

    23 July 2008

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    Genworth Financial Spotlight Series - Issue 5: Managing Mortgage Stress

    8 May 2008

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    Genworth Financial Reports First Quarter Net Operating Earnings of $0.56 Per Diluted Share

    24 April 2008

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    Genworth Financial is ranked 233 in the annual Fortune 500 ranking of America's largest companies

    22 April 2008

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    Genworth Financial Sydney Headquarters Relocating to North Sydney

    3 April 2008

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    Genworth Financial helps its 1000th distressed borrower keep their home

    1 April 2008

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    Genworth Financial Spotlight Series - Issue 4:Generation Y

    12 February 2008

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    Genworth Financial Reports Fourth Quarter Net Operating Earnings of $0.71 Per Diluted Share

    7 February 2008

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    New Zealand Borrowers Confident about Home Repayments

    29 January 2008

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