CommBank offers free internet for home loan customers

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on June 06, 2022 Fact Checked
CommBank offers free internet for home loan customers

Through NBN provider 'More', Australia's largest bank is offering free internet for up to three years for home loan customers.

CBA has attached the deal to eligible conditionally pre-approved home loan customers - estimated to save home buyers up to $2,700.

Existing customers can also get 30% off More NBN plans for the first 12 months when they sign up using their existing credit or debit card.

The free deal applies to the $77 per month plan, which has a typical evening speed of 50Mbps.

Eligible customers include those who have a home loan of at least $250,000 - construction loans are ineligible. 

Customers must fund $250,000 or more and find a home between 31 May and 31 December 2022, and the offer must be claimed by 30 June 2023.

Dr Michael Baumann, CBA executive general manager of home buying, said this is an offer to ease cost of living pressures.

"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," Dr Baumann said.

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This offer comes after research from CommBank suggested the majority of Aussie households are ready for rate rises.

With the RBA tipped to increase the cash rate target on Tuesday, the target is poised to sit at either 0.60% or 0.75%, which theoretically pushes up variable home loans by between 25 and 40 basis points.

Increasing a 30-year $600,000 home loan from 2.75% p.a. to 3.00% p.a. adds $81 a month to the base mortgage repayment.


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Lender

Variable
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Variable
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QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS

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Variable
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Variable
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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of June 29, 2022. View disclaimer.


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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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