Premium Funding is a short term loan that allows you to pay your insurance premiums and associated charges by monthly direct debit or cheque over an agreed period (typically 6-12 months).

Challenge Insurance Services can take this process one step further for our property partners. We have increased flexibility with our funding providers so that your tenants are able to pay insurance outgoings they are liable for by monthly payment rather than the traditional means of single annual payment.

We can also facilitate instalment payment by cheque for strata titled property via the property manager, so that you as property manager control payment details – all the while reducing strain on available strata funds.

The benefits of premium funding are :

  1. Smooths business cash flow by paying your insurance premiums in instalments
  2. Fast, simple application process – you typically get approval within 24 hours
  3. Ability to make additions to existing loans or renew policies without the need for additional paperwork
  4. Flexibility of structuring the loan including upfront deposit, split settlements and payment options
  5. Interest rates are fixed so you are protected from interest rate fluctuations
  6. No ongoing loan service fees
  7. Interest charges on premium funding transactions are generally tax deducible
  8. No additional security or company charges required
  9. Retain working capital within your business
  10. Payment via direct debit from your bank account, credit card or by cheque