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Westpac has officially launched customer-centric technology that is set to change the way borrowers view the equity in their property and improve brokers’ conversations with clients.
Wonder, which can be accessed through Westpac’s online and mobile banking service, allows customers to see the amount of equity in their home loan in real time to help them determine that value of their property and their options for the future.
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“Eligible Westpac customers will be provided with personalised options to unlock the possibilities in their property, to upgrade, renovate or purchase another property,” Westpac’s general manager of service revolution and transformation, Melanie Evans, said.
“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.
“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.”
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.
Eligible customers can also receive approval in principle for a new home loan online 24 hours, seven days a week, and apply for a home loan increase without visiting a branch.
Tony MacRae, Westpac’s general manager of third-party distribution, said Wonder is an example of using technology to understand customers really well while adding value back to brokers.
“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.
Wonder will be progressively rolled out to eligible customers from October 2015 to January 2016, with Westpac customers to be notified via email when they are able to access the new technology.
The launch of Westpac Wonder comes after research commissioned by the bank found that 56 per cent of Australian homeowners want to know the current value of their property and 43 per cent want to know what they can afford to borrow at the click of a button.
The research also revealed that 51 per cent of homeowners with a mortgage don’t know the amount of equity in their property.
[Related: Westpac announces new home loan offers]
