Is it mandatory to have home insurance in Australia?

Is it mandatory to have home insurance in Australia, no it is not legally mandatory by law like car CTP, but it is effectively mandatory if you have mortgage, as lenders require building insurance. Australian law does not require homeowners to have home building insurance, so if you own house outright with no mortgage, you can legally not have insurance, but it is highly risky as you bear full loss $500K if fire destroys house. However, if you have mortgage with bank such as Commonwealth, NAB, ANZ, Westpac, lender requires building insurance for sum insured at least equal to loan or rebuild cost $500K, with bank noted as interested party, and you must provide certificate of currency annually, otherwise loan in default and bank can arrange insurance and charge you. For strata units, building insurance is mandatory via owners corporation, included in strata levies $500 to $800 per year, covering building. For renters, contents insurance not mandatory but recommended, some rental agreements require public liability via contents insurance $20M. For bushfire and flood prone developments, council may require insurance for approval. So home insurance not mandatory by law, but mandatory by mortgage lender and strata, so most homeowners have it. Without insurance, if fire destroys house, government disaster assistance only $1K to $2K emergency payment, not rebuild $500K, so highly recommended despite not legally mandatory.