Commonwealth Bank launched the MyWealth platform in February 2013, and yesterday in a global first for the DIY investor added to this application residential property investment MyWealth is a global first; all asset classes in one portfolio under the one log-in for the DIY investor.
For over three million self-directed investors in Australia, MyWealth has been designed to make it easy for customers to research and invest in a range of financial products. Developed following nine months of customer centred design research, MyWealth helps customers easily navigate and make sense of the investment world.
When it comes to wealth creation for Australians’ property remains the number one asset, accounting for $4.4 trillion of our wealth. This compares with superannuation ($1.5 trillion), Australian listed stocks ($1.3 trillion) and commercial real estate ($0.7 trillion).
Data from Commonwealth Bank, Australia’s largest home lender, has shown a continued appetite for buying investment property, with CommBank seeing in April 2013 a 6.6 per cent year-on-year increase in the number of customers taking out home loans to secure investment properties.
“Property is the backbone of Australian’s wealth. Most Australians don’t believe they are on a wealth journey until they have purchased property. Property is often the starting point as it is easier to understand and it is believed to be more predictable than market based assets,” said Lisa Frazier, Chief Innovation Officer, Equities and Margin Lending, Commonwealth Bank.
“The new investment property section of MyWealth is unique in Australia and has been designed to empower those who want to be in control of their financial future. Our aim is to demystify property investing for new investors with simple, easy to understand information and help seasoned investors access new opportunities. Based on customer appreciation for the simplicity of MyWealth we have replicated a simplified equities investment experience to property investment. MyWealth now makes it easier for Australians to gain the confidence to build their entire investment portfolio in one place.”
The MyWealth platform provides Australians with a simple, informed process for creating and managing their own financial future. Featuring an easy-to-use investment platform, property valuations and search functionality, stock market watchlists, hosted social communities, alongside financial news and educational features from a dedicated team of in-house journalists – the MyWealth platform is designed to be the best platform in Australia for self-directed investors to control and view their wealth creation.