Media releases

Westpac launches Wonder - innovative technology to help Australians reach their property dreams

 

1 October 2015

• Half of Australian home loan holders do not know the amount of equity in their property
• Westpac launches innovative new technology to empower home owners and buyers to make informed decisions to improve their lifestyle

Westpac has today announced Wonder, revolutionary customer-centric technology that is set to change the way home buyers; home owners, upgraders, investors and renovators view the equity in their property.

Wonder, which is accessed through Westpac Live online banking, allows eligible customers to see the amount of equity in their property and equips them with knowledge and the confidence to reach their property aspirations sooner.

"Westpac is the first Australian financial institution to provide eligible customers with personalised home loan options in real-time based on their financial profile. 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," said Melanie Evans, General Manager, Westpac Service Revolution Transformation.

"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 research shows that over half (56 per cent) of Australian home owners 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 Australian home-owners with a home loan don't know the amount of equity in their property¹.

"The innovative technology behind Wonder allows us to provide customers with a personalised service based on what we know about them, coupled with additional information they may want to provide, such as their suburb preferences. Whether customers are at the start of their home buying journey or experienced investors, if they enter in new information, Wonder responds in real-time with accurate information to help customers make decisions about their future. 

"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," added Ms Evans.

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, 7 days a week, and apply for a home loan increase without visiting a branch.

Wonder will be progressively rolled out to eligible customers from October 2015 to January 2016 and will be available through Westpac Live online and mobile banking. Customers will be notified by email when they are able to access the benefits of Wonder.

About Wonder
Wonder is about your home, your property and what this enables, whether it's buying your first home, another home or renovating.

Wonder technology is the first of its kind to offer customers informed home-loan and top-up options. The platform will transform the current home loan process, educating and informing the customer so they save valuable time exploring options they have around their property options.

Wonder also allows access to their financial information, empowering them to make decisions about their financial future.

Wonder will be accessed through Westpac Live online banking on desktop, mobile and tablet.

Wonder will be progressively rolled out to eligible customers from October 2015 to January 2016 and will be available through Westpac Live online and mobile banking. Eligible Westpac customers will be notified by email when they are able to access the benefits of Wonder.

About the Westpac research
The Westpac research was commissioned by Westpac and powered by Lonergan Research.
Lonergan Research surveyed 1,115 Australian home-owners aged 18+. Surveys were distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted between 25 August and 1 September 2015.

Following the completion of interviewing, the data was weighted to the latest population estimates sourced from the Bureau of Statistics.

¹ Westpac Commissioned Research, Lonergan Research, 2015