Commonwealth Bank is supporting home loan customers manage their cost of living pressures through exclusive offers from its innovative partner, local telecom provider More, that offers great savings on essential and ongoing costs like internet.
In partnership with More, CBA is offering eligible conditionally pre-approved home loan customers with access to a free nbn plan for three years. The 36 month nbn plan could save eligible home owners over $2,700.
CBA is also offering all of its existing customers 30 per cent off More nbn plans for the first 12 months when they sign up using their credit or debit card as their bill payment method.
It comes as recent research from CBA revealed the vast majority of Australian home owners were preparing for an interest rate rise prior to the Reserve Bank’s decision to increase the cash rate in May. The research also revealed what Australians with a home loan have been doing to prepare for rate increases, with one third (33 per cent) saying they were looking for cheaper providers for utilities/services to help manage costs.
Dr Michael Baumann, Executive General Manger of Home Buying, said: “We know that the rising cost of living is being felt by all Australians, particularly those looking to purchase a property in the current environment. We want to support pre-approved home loan customers where we can, and that includes longer-term savings on essential and ongoing bills and commitments like internet.”
Andrew Branson, co-founder of More, said: “Enjoying free internet for three years and having an extra $2,700 in your back pocket is an unbelievable offer for home-owners and property investors, as you don’t need to connect the nbn at the address where the loan is settled.
“This type of customer benefit has never been seen before and hats off to CBA for trying something new that will make a meaningful difference to their customers who are facing rising cost of living pressures. This isn’t a special offer that runs out after six months, this is a full three years of ongoing benefit,” he said.
Another recent study from CBA found there was inertia around switching internet providers, with many Australians admitting they do little to no research when choosing an internet provider. This may mean they miss out on deals and discounts on offer and the chance to save money on everyday bills.
The research also asked Australians about receiving offers on shopping and purchases from their bank, and over half (56 per cent) said that they would like their bank to offer them more ways to save. In fact, 44 per cent of Australians said they expected their bank to provide offers that help them save money. It is something that is also expected from their telecommunication and internet providers (43 per cent respectively), and their energy providers (39 per cent).
“What the research tells us is that Australians want value from their lender and in a way that is tailored to their needs. We’re also hearing from our customers that they want to save some money, take advantage of a great offer, and make their dollar stretch further, particularly on every day and ongoing commitments,” Dr Baumann said.
