Briefs: CBA launches Instalpay, Butn renews funding, Westpac upgrades app
Commonwealth Bank has launched an interest free finance product for solar panel and battery systems. Instalpay allows borrowers to purchase up to $30,000 of renewable energy products and repay over five years. It has no account fees but it has a $20 late payment fee. CBA is offering the loan through merchant partners, with solar and battery provider UPowr the first to sign up.
Invoice finance company Butn has rolled over a A$21.2 million bond that matured at the end of October, maintaining annual origination capacity of close to $500 million. The 2018-1 bond has been rolled over and secured as a 2019-1 bond tap. The bonds have a maturity date of July 2025. The A notes have a fixed coupon of 7.25 per cent and the B notes a coupon of 10.25 per cent. Butn originated $441 million of finance in the year to June and at year end had receivables of $79.8 million.
Westpac has upgraded its banking app, adding a budgeting tool to help customers manage their spending and saving. The bank said the tool includes a feature that identifies potential savings on recurring payments, a bill calendar and a cashback rewards program, ShopBack.