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Briefs: CBA launches Instalpay, Butn renews funding, Westpac upgrades app

02 November 2023 5:28AM
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.

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