It comes as recent CBA research found the vast majority of Australian homeowners were 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 a home loan did to prepare for rate increases, with a third (33%) saying they were looking to cheaper providers for utilities/services to manage costs.
Dr Michael Baumann, Executive Managing Director of Home Buying, said: “We know that the rising cost of living is being felt by all Australians, especially those looking to buy 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, ongoing bills and commitments like the internet.
Andrew Branson, co-founder of More, said, “Getting free internet for three years and having an extra $2,700 in your back pocket is an amazing deal for homeowners and real estate investors because you don’t have to. no need to connect the nbn to 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 significant difference to their customers who are facing increasing cost of living pressures. this is not a special offer that expires after six months, this is three full years of continuous benefits,” he said.
Another recent CBA study found there was inertia around switching internet providers, with many Australians admitting they do little or no research when choosing an internet service provider. Internet access. This can mean they miss out on offers and discounts offered and the chance to save money on everyday bills.
The research also asked Australians about receiving offers on purchases and purchases from their bank, and more than half (56%) said they would like their bank to offer them more ways to save. In fact, 44% of Australians said they expect their bank to provide offers that help them save money. This is something that is also expected of their telecommunications and internet providers (43 percent respectively) and their energy suppliers (39 percent).
“What the research tells us is that Australians want value from their lender and in a way that suits their needs. We also hear from our customers that they want to save money, get a great deal, and grow their dollar, especially on day-to-day and ongoing engagements,” said Dr. Baumann.