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.
For more information on local telecom provider More, visit their website. For more on the nbn offers available to CBA customers, including the latest offer to eligible conditionally pre-approved home loan customers, visit here.
We encourage customers to speak to their CBA lender or broker about how we can get them into a home sooner.
For more information and support, the bank has resources available to help customers manage their home loan in a rising rate environment.
Editor’s note: Commonwealth Bank is committed to supporting home loan customers manage their everyday living costs, which is why the bank is extending the offer. Eligible conditionally pre-approved home loan customers now have until 30 June 2023 to settle their loan and claim the offer by December 2023 to access free nbn plan for three years.
About More: More is a premium, future-focused provider of nbn™, phone and mobile services to homes and businesses across Australia. Proudly Australian-owned with a head office in South Melbourne, More’s carbon-neutral workforce includes some of the most experienced nbn™ and telecommunications specialists in the industry. More are also proudly part-owned by Commonwealth Bank, having recently announced a new strategic partnership that will unlock special benefits for CommBank customers and see the integration of More’s nbn™ services with the CommBank app over time, giving customers the ability to self-manage their internet and phone plans. The More team are passionate about providing Australians with the very best internet and mobile connections to make their home life and business run as smoothly as possible.
About the research: The survey was conducted by the House of Brand Group, with fieldwork conducted between 16/04/2022-21/04/2022, amongst a sample of n=1,072 nationally representative respondents with quotas set on age, gender and location. Of this sample, n= 419 have a home loan.
More Offer Terms & Conditions: Offer of $77/mth off the More XL Speed Boost nbn™ plan standard price for 3 years is for customers with conditional pre-approval of an eligible home loan who then find a property and fund $250,000 or more between 31 May 2022 and 30 June 2023. Offer is not available for Construction Loans. Offer must be claimed by 31 December 2023. Customers may upgrade to a faster More nbn™ plan at any time, in which case the customer must pay the additional plan fees above the $77/mth discount. If a customer wishes to select a cheaper plan, they will pay $0/mth for 3 years but will not receive a cashback for the difference. If the More XL Speed Boost nbn™ or any plan of the customer’s choosing has its features or pricing changed, customers will be notified. In the event that the customer’s plan of choice is no longer available, they will be notified and switched over to a comparable More nbn™ plan with terms and pricing closest to their existing plan and the offer will be applied to that plan. The offer may not apply in conjunction with other offers or discounts. Limit of one offer code per borrowing entity (e.g. individual, joint borrowers, company) and per customer. Limit of one offer code per joint application. Customers must maintain their home loan with CommBank and sign up with and maintain a CommBank credit card or debit card as the online bill payment method in order to continue to receive the discount. This offer does not have to be used at the property that is being funded, the customer can choose to use the discount at any address where a More nbn™ service is confirmed as available. The promotional period commences from the day that your nbn™ service is activated on the nbn™ network. After 3 years the cost of your plan will revert to the Recommended Retail Price (RRP) current at that time. The RRP of More nbn™ plans are subject to change. The offer does not apply in relation to any modem charges, nbn™ New Development Fee or nbn™ New or Subsequent Copper Line charges or any fees in respect of additional services or usage. If you sign up, More will be your service provider for your nbn™ and will handle all technical enquiries, complaints and servicing. The provision of your nbn™ service will be subject to More’s standard terms of service and policies, which are available here on the More website. We reserve the right to withdraw or substitute this offer at any time.
Things you should know: Product information and/or measures are current at the date of this media release and subject to change. The information provided in this media release is not financial advice. It does not take into account your objectives, financial situation or needs. You should consider seeking financial advice based upon your own circumstances before making any financial decisions.