Dad's life insurance alleged murder motive

Barely a week after he stared directly into a news camera and made an impassioned plea for his father's killer to be brought to justice, Michael Phillip Martin was arrested.

The 25-year-old has been charged with murder, accused of killing his father Michael Martin Snr last June, after taking out insurance policies on his life.

Martin Jnr allegedly told police intruders tied him up at his father's South Murwillumbah flat in northern NSW before they turned on his father.

Mr Martin, 46, suffered horrific injuries and an axe was found at the scene.

Police will allege Martin Jnr had organised life insurance policies in his father's name and financial gain was one motive for the murder.

About three months earlier Mr Martin was attacked in the same unit.

Detectives allege 21-year-old Jessica Honey Fallon was paid to take out a hit on Mr Martin and broke into his unit with two accomplices.

Mr Martin spent a lengthy stint in hospital recovering from injuries sustained in the first attack.

Fallon was charged with attempted murder and assault occasioning grievous bodily harm last month.

Police have ruled out her involvement in the subsequent fatal attack on Mr Martin in June 2014.

It was Mr Martin's first night home from hospital when he was killed.

Just over a week ago, Martin Jnr joined a senior detective at Murwillumbah Police Station at a press conference to plead for help to find the person responsible for his dad's death.

"We would just love these people to be caught so we can move on with our lives," Martin Jnr said.

He is due to appear in Lismore Local Court on Monday charged with murder.

Tweed-Byron crime manager Detective Inspector Brendon Cullen confirmed police were still investigating the first assault on Mr Martin and any relationship between Fallon and Mr Martin.

The weekend's arrest was the culmination of a "long and complex" investigation.

"It's taken many hours of tireless effort by our detectives to come up with this result," Det Insp Cullen told reporters.