Westpac Wonder

Anyone seen the "wonder" feature in their internet banking portal? It just lists the valuation of my IP on file and tells me about the estimated equity available. Says, I got like $20k available - any accuracy to it?

 

mine seem about right.
1 is based on a valuation from april so that is basically the value i guess.

other 1 is an estimate but appears its based on a valuation i had a yr or so ago as its the same $ figure

 

Looks like they just use the last valuation on file for the property. Listed one of my properties at it's value from over 5 years ago.

 

Interesting, mine never had a valuation after I bought it but seems to be reflecting a fair value.

EDIT: Just noticed that they use CoreLogic for their data.

 

Yeah, I had it pop up on my internet portal a couple days back... my val seems to be fairly accurate.

Curious to see how the whole 'wonder' develops. Have been thinking it's got to be a great marketing ploy for the bank. Eg. How many members of the general population are going to log on, see that they have X amount of equity in their property and resist the urge to just take out a little and go on that holiday, buy that new car etc'

 

It doesn't let me see mine for some reason, but have the option to get notified. I wonder why I don't have access to it atm.

 

I'm in the same boat, let's keep wondering...

 

I've just had a 'Flexi Loan Invitation' appear on my Westpac home page below my Wonder property valuation... I think this could be the beginning of the wonder marketing.

 

There is a similar CBA "Portfolio" feature which displays the value. Anyone knows how accurate that one is?

 

They sent me an unsolicited email saying my property was worth 45% more than what I paid 3 years ago, sounded pretty good.

 

I've seen this also. I think it's mainly just a clever ploy for you to enter all of your financial information so that CBA not only has a record of all of your assets/liabilities with them, but also any other financial institution you may wish to add. Data is extremely valuable to any organisation these days, especially if you give it away. Would not be surprised to see them data-matching in a few years when applying for finance with them, e.g. "you reported assets of X and liabilities of Y in your application, but in our MyWealth platform you entered A and B and therefore we will place an extra risk rating on your application / investigate further".

Not quite sure where their data comes from, but in my area the estimated value for my PPOR is fairly close to my expectation, and recent sales in the area.

 

The values of my properties are also very close to market according to that CBA feature.

 

..and my thoughts seem to be pretty much backed up on their website:

 

Interesting. However, I think they can find the info about your assets/liabilities anyway. Aren't we supposed to provide it when applying for loan?

 

I'm pretty sure the Flexi loan is their personal loan/line of credit.

 

I just tried this feature. It got me to nominate my own property value, pretty disappointing 'feature'!

 

Happens when the address can't be matched for whatever reason.

 

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