Powered by MOMENTUM MEDIA
realestatebusiness logo

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

New bank tool simplifies home-buying process

07 October 2015 Reporter

Westpac has made it easier for property owners to discover and then exploit the equity in their homes.

The bank has launched a new offering called Wonder, an online banking feature that allows customers to see the amount of equity in their property.

Together with Corelogic RP Data, Wonder also allows users to calculate the affordability of properties within a suburb based on their personalised financial profile, Westpac home loan rates, fees, stamp duty and other expenses.

Eligible customers can receive approval in principle for a new home loan online at any time of day. They can also apply for a home loan increase without visiting a branch.

Advertisement
Advertisement

Westpac research found that 56 per cent of home owners want to know the value of their property and 43 per cent want to know what they can afford to borrow.

The research also found that 51 per cent of mortgagees don’t know the amount of equity in their property.

Westpac spokesperson Melanie Evans said it is the first Australian bank to offer customers personalised home loan options in real-time based on their financial profile.

“Eligible Westpac customers will be provided with personalised options to unlock the possibilities in their property, to upgrade, renovate or purchase another property,” she said.

“For example, a couple who are looking for a bigger property to accommodate a growing family can view the amount of equity they have in their current home loan, and Wonder will suggest options for properties they could afford based on their pre-determined property preferences and financial situation.”

Wonder will be progressively rolled out to eligible customers between now and January.

[LinkedIn: Will the next movement in interest rates be up or down?]

 

New bank tool simplifies home-buying process
default
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.