One of Australia’s most successful diversified fund managers, Centuria Capital Limited (formerly Over Fifty Group Limited) announced today that Peter McDonagh has joined as Head of Reverse Mortgages.

With almost 30 years experience within the financial services industry, Mr McDonagh has extensive expertise in managing mortgage services teams and high-volume mortgage administration operations with up to 90 staff.

Prior to joining Centuria Capital, Mr McDonagh worked as the Performance Improvement & Quality Advisor in National Australia Bank’s (NAB) Group Business Services. Previous to this, he was the Funding Coordinator HomeSide Service Experience at NAB.

Mr McDonagh has also held senior roles within CBA’s Mortgage Services Business in Melbourne over many years and more recently held a contact role as Team Leader of Exceptions Processing at Australia Post.
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Matthew Coy, CFO of Centuria Capital said of the appointment: “As a business we pride ourselves on the strength of our team and also on our diversified offering. Peter’s appointment further demonstrates our commitment to this area of the business and we are pleased to have someone of Peter’s calibre join the team.”
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The Reverse Mortgages Business at Centuria currently manages 2,300 loans and has an aggregate size of mortgage book of $195 million. The average loan value is $85,000 with gearing equating to less than 20 per cent on current valuations.
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New mortgage origination has been suspended, however the group is managing all existing loans and honouring previously approved limits within them.
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Mr McDonagh will be based in the Melbourne office.

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