Six months after establishing a warehouse funding facility with Westpac providing the senior funding, consumer finance company MoneyMe has received an increased in the bank’s funding commitment from A$100 million to $150 million.

The company has total funding of $300 million.

When the warehouse was established last September, the funding cost was 395 basis points over the bank bill swap rate. Yesterday the company said the increase is on the same terms as the initial commitment.

The major bank funding is at a lower rate than the company’s other facilities and its strategy since setting up the warehouse has been to offer more competitive loan rates.

According to its November 2019 prospectus, its core product – an unsecured personal loan – had rates ranging from 8.99 per cent to 29.99 per cent.