As Australians brace for another Reserve Bank interest rate hike, adding to already mounting cost of living pressures, the country’s largest bank has found a way to help its customers: free internet .
The RBA holds its monthly board meeting on Tuesday and is expected to follow up on its 25 basis point hike in cash rates in May with another hike of up to 50 basis points.
Recent research from the Commonwealth Bank of Australia found that a large majority of homeowners were bracing for higher interest rates, even before the RBA pulled the trigger last month.
It also found that in preparation, a third party was looking to switch to cheaper providers for utilities and services to help manage costs.
The ABC has jumped to conclusions and is offering pre-approved home loan customers a free NBN plan for three years.
The offer, in partnership with telecommunications provider More, would save eligible buyers more than $2,700.
CBA, which has already indicated it will no longer cut margins to compete in the home loan market, is also offering all existing customers 30% off More NBN plans for the first 12 months when they sign up. using their credit or debit card as their bill payment method.
“We know that the rising cost of living is being felt by all Australians, especially those looking to buy property in the current environment,” said the executive managing director of ABC Home Buying. , Michael Baumann.
“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.”
Financial comparison site Finder says an increase in the cash rate to 0.75% from 0.35%, as some economists predicted at Tuesday’s RBA meeting, would add another $125 to monthly loan repayments. a loan of $600,000 or $1,500 over one year.
Australian Associated Press