That’s after recent research by the CBA found the vast majority of Australian homeowners are bracing for an interest rate hike ahead of the Reserve Bank’s decision to raise the cash rate in May. The research also revealed what Australians with home loans are doing to prepare for a rate hike, with a third (33 per cent) saying they are looking for cheaper utilities/service providers to help manage costs.
Dr Michael Baumann, Chief Executive of Homebuying, said: “We know the rising cost of living is being felt by all Australians, particularly those looking to buy a property in the current climate. We want to support pre-approved home loan customers wherever possible, and that includes longer-term savings on major and ongoing bills and liabilities like internet.”
Andrew Branson, co-founder of More, said: “Three years of free internet and an extra $2,700 in your back pocket is an incredible offer for homeowners and property investors as there’s no need to connect to the nbn. the address where the loan is paid.
“This kind of customer benefit has never been seen before and congratulations to CBA for trying something new that will make a meaningful difference to their customers who are facing increasing housing pressures. It’s not a special offer that ends after six months, it’s a full three-year continuous benefit,” he said.
Another CBA study found inertia in switching internet providers, with many Australians admitting to doing little or no research when choosing an internet provider. This could mean they miss out on deals and discounts on offers and the chance to save money on everyday bills.
The study also asked Australians about receiving shopping and shopping offers from their banks, and more than half (56 per cent) said they wanted their banks to offer them more ways to save. In fact, 44 per cent of Australians said they expect their bank to provide offers that help them save money. This is also something expected of their telecom and internet providers (43 percent respectively) and energy providers (39 percent).
“Research tells us that Australians want value from their lender and tailored to their needs. We hear from our customers that they want to save a little money, take advantage of a great deal and stretch their dollar, especially on everyday and ongoing commitments,” said Dr Baumann.
For more information about a local telecom provider, visit their website. For more information on nbn offers available to CBA customers, including the latest offer to conditionally pre-approved home loan customers, go here.
We encourage customers to talk to their CBA lender or broker about how we can get them home faster.
For additional information and support, the bank has resources available to help customers manage home loans in a rising interest rate environment.
Editor’s note: Commonwealth Bank is committed to helping its home loan customers manage their everyday living expenses, so the bank is expanding its offering. Eligible pre-approved home loan customers now have until June 30, 2023 to repay their loan and claim the offer to access the three-year free nbn plan by December 2023.
More about: More nbn™ is a premium, forward-looking provider of telephone and mobile services to homes and businesses across Australia. Headquartered in South Melbourne, Australia, More’s decarbonised workforce includes some of the industry’s most experienced nbn™ and telecoms experts. More is also proudly owned by the Commonwealth Bank and recently announced a new strategic partnership that will unlock special benefits for CommBank customers and see More’s nbn™ services integrated with the CommBank app, giving customers the ability to self-manage. their internet and phone plans. The More team is passionate about providing Australians with the best internet and mobile connections to manage their home lives and businesses as conveniently as possible.
About the research: The survey was conducted by Brand Group between 16/04/2022 and 21/04/2022, with n=1,072 nationally representative respondents assigned a quota by age, gender and location. Of this sample, n= 419 have a home loan.
More Offer Terms and Conditions: Offer of $77 per month off standard price of More XL Speed Boost nbn™ plan for 3 years, subject to pre-approval of eligible home loan and then $250,000 between 31 May 2022 and 30 June 2023 and or more is for clients finding and financing properties. Offer not available on Construction Loans. The proposal must be requested by December 31, 2023. Customers can upgrade to the faster More nbn™ plan at any time, in which case the customer must pay additional plan fees above the $77 per month discount. If the customer chooses a cheaper plan, they will pay $0 per month for 3 years, but will not receive cashback for the difference. Customers will be notified if the features or prices of More XL Speed Boost nbn™ or any plan selected by the customer are changed. If the customer’s choice plan is no longer available, they will be notified and will be moved to a comparable More nbn™ plan whose terms and prices are closest to their existing plan and the offer will apply to that plan. Offer cannot be applied in conjunction with other offers or discounts. Limit of one offer code per borrower organization (e.g. individual, joint borrower, company) and per customer. Limit one offer code per joint application. Customers must maintain a home loan with CommBank and register and maintain a CommBank credit card or debit card as an online payment method to continue receiving the discount. This offer does not need to be used on a financed property, the customer can choose to use the discount at any address where the More nbn™ service is confirmed to be available. The promotional period starts on the day your nbn™ service is activated on the nbn™ network. After 3 years, the cost of your plan will revert to the then current Recommended Retail Price (RRP). The RRP of More nbn™ plans is subject to change. Offer does not apply to any modem charges, nbn™ New Development Charge or nbn™ New or Subsequent Copper Line charges or any charges for additional services or usage. If you sign up, More will become your service provider for nbn™ and handle all technical enquiries, complaints and service. The provision of your nbn™ service will be subject to More’s standard terms of service and policies available on the More website. We reserve the right to withdraw or replace this offer at any time.
Things you need to know: Product information and/or events are current at the date of this media release and are subject to change. The information provided in this media release is not financial advice. It doesn’t take into account your goals, financial situation or needs. Before making any financial decisions, you should consider obtaining financial advice based on your own circumstances.