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Australian home loan borrowers who have been awaiting a pre-approved home loan from CommBank might be eligible for free internet services for up to three years.
CBA announced a partnership with local telecom provider More, to offer eligible conditionally pre-approved home loan customers with a free 36-month (National Broadband Network) NBN plan, which could potentially save homeowners over $2,700.
Existing customers can also apply for a 30% discount on More’s NBN plans for the first 12 months when they sign up using their credit or debit card as their bill pay method.
CBA executive general manager Dr Michael Baumann said this new offer is part of the bank’s mission to help ease the cost-of-living pressures among Australian borrowers, who might already be feeling the impact of high inflation and rising mortgage rates.
“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,” he said.
“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.”
Choosing an internet provider — a challenge?
A recent study by CBA showed that many Australians do not usually check offers or do background checks when choosing an internet provider, causing them to miss out on deals and discounts that could help them save money.
However, the study also found that more than 50% of Australians would like their banks 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,” Dr Baumann said.
“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.”
More co-founder Andrew Banson said the partnership with CBA will be a great option for homeowners and property investors.
“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,” he said.
Australians are prepared for rate hikes
Reducing day-to-day costs is one of the things Australians do to make sure they are prepared for rate hikes this year.
According to a separate study by CBA, 90% of Australian homeowners have already taken steps to mitigate the impact of increasing rates.
Of those who have already taken action, close to half have already reduced their living costs, which include internet services.
“We know that one in two CommBank customers are more than three months ahead of their home loan repayments and it’s encouraging that the majority of Australian homeowners are taking proactive steps to continue to improve their financial position with rates expected to continue to increase over the next 12-18 months,” Dr Baumann said.
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