Mortgage and wealth group improves funding supply

In an ASX announcement, Centrepoint said that Bendigo & Adelaide Bank had joined with existing partner NAB to provide the group with access to more money and on improved terms.

Centrepoint includes a mortgage aggregator, Centrepoint Lending Solutions, and also offers accountancy, financial advice, funds management and insurance premium funding.

The enhanced funding facility is for Centrepoint’s insurance premium funding business.

It includes an increase in the facility term to two years as well as a 30 per cent increase in the facility limit to $189 million.

It also includes lower interest margins and facility fees alongside greater capacity for domestic and larger commercial loans, according to the announcement.

Bob Dodd, chief executive of Centrepoint’s insurance premium funding arm, said the business is well positioned and enjoys long-term support from its business partners.

“This increased funding allows us to meet our medium-term growth objectives and the improved terms recognise the strength of the business,” he said.

This announcement follows the recent distribution agreement Centrepoint Alliance signed with insurance broking group Steadfast and the renewal of a premium funding agreement with Insurance Brokers Network Australia.