Westpac has launched a new customer-centric technology it says will change the way home loan holders view the equity in their property and will enable brokers to have better conversations with clients.
With research conducted by the major bank revealing that half of Australian home loan holders do not know the amount of equity in their property, Westpac has launched Wonder.
“Wonder goes a step further than other banks to show customers the current equity they have in their loan to give them the confidence of knowing the value of their property, and their options for the future,” Melanie Evans, general manager, Westpac Service Revolution Transformation said.
“Eligible Westpac customers will be provided with personalised options to unlock the possibilities in their property, to upgrade, renovate or purchase another property. Customers who currently do not have a home loan with Westpac will be able to view what they can currently afford to assist them in getting their foot on the property ladder.”
Westpac’s research also shows that over half (56%) of Australian home owners want to know the current value of their property and 43% want to know what they can afford to borrow at the click of a button.
Together with Corelogic RP Data, Wonder also allows users to search for properties in suburbs they are looking to buy and calculate the affordability of properties within that suburb based on their personalised financial profile, Westpac home loan rates, fees, stamp duty and other expenses.
Westpac’s general manager of third party distribution, Tony MacRae says Wonder will also benefit brokers, enabling them to have better conversations with their clients.
“Wonder is an example of using technology to understand our customers really well and in turn adding value back to brokers,” he said.
“We’re taking a customer centric view on everything that we do and by understanding more and more of the customer journey, we are enabling brokers to have better conversations with their customers, by delivering in real-time personalised details around their buying power, an understanding of existing equity, as well as helping their search for properties,” he said.