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Commonwealth Bank is giving three years of free internet to approved home loan customers to ease customers through their cost-of-living pressures.
In partnership with local telecom provider More, CBA is offering eligible, conditionally pre-approved home loan customers access to a 36-month free nbn plan, potentially saving qualified homeowners over $2,700. CBA is also offering 30% off More nbn plans for a year for all existing bank customers who sign up for More using their CBA credit card or debit card as their bill payment method.
The announcement followed CBA’s recent study which found that most Australian homeowners had prepared for a rate hike even before the RBA’s decision to increase the cash rate in May. A third of respondents said they were looking for cheaper providers for utilities/services to help manage costs in preparation for expected rate increases.
Another recent study from CBA revealed that many Australians do little to no research when choosing or switching internet providers, missing out on potential deals and discounts. The same research also asked Aussies about receiving offers on shopping and purchases from their bank and found that the majority (56%) wanted their bank to offer them more ways to save.
“What the research tells us is that Australians want value from their lender and in a way that is tailored to their needs,” said CBA executive general manager of home buying, Michael Baumann.
“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, called the deal an “unbelievable offer”, pointing out that homeowners and property investors would not 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,” Branson said.
