Australia’s banking giant Commonwealth Bank of Australia is set to provide free internet for three years to its customers to ease the cost of living pressures.
Interest rates are continuing to rise in the nation and a vast majority of the people have been struggling to make ends meet.
Last month, the RBA lifted the cash rate by 25 basis points to 0.35% after a decade because of the rising cost of living.
Several factors prompted inflation hikes such as disruption in the supply chain and Russia and Ukraine situation.
The RBA holds its meeting on Tuesday and is widely expected that the cash rate would be lifted by further 50 basis points.
To ease the cost of living pressures, CBA will offer a free NBN plan for three years to its pre-approved home loan customers.
Partnering with telecom provider More, the banking giant would save eligible home buyers more than $2700.
The bank is also providing 30 per cent off More NBN plans to its existing customers for the first 12 months when they sign up using their debit or credit cards as their bill payment method.
CBA executive general manager of home buying Michael Baumann said the offer is to ease Aussies’ continuous struggle amid the rising cost of living.
“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 the internet.”
Andrew Branson, the co-founder of More, said the free NBN plan would help the home buyers to look after their household budgets and give them a bit of relief from surging prices.
“The free internet will surely help the home buyers and property investors as it will offer them to save $2700. This will also allow them not to connect the NBN at the address where the loan is settled,” he said.
The offer comes after experts predict a further rise in the cash rate from Tuesday’s RBA meeting.
