On Thursday I attended a launch for My Wealth. Before your eyes glaze over, this is not a sponsored post. I was invited to check it out, as were writers from Money Magazine, Your Property, BigPond, Sold and more. I was skeptical about it actually being able to simplify investing, make things easier and essentially be everything I need in one place. I mean, seriously, having information on property, equities, shares, my own investments, values of everything and being able to search for things I want to invest in, all in one place in a language I can actually understand sounded way too good to be true.
As you can see, I haven’t actually filled anything in yet, but this is what you can track.
I was absolutely blown away and am in love! I love property and am right now looking around at the areas I want to invest in. Now with My Wealth I can check everything I want to know, learn about areas etc. Put properties in my watch list and as I purchase properties I will be able to see how much they are worth, how they are performing and basically track everything. I had so much fun the other night researching areas I want to buy and finding new areas to invest in. Yes, I love property that much that I find researching them fun.
I love the different options for searching, being able to see growth potential and rental yield etc.
All the data comes from RP Data and My Wealth is like using realestate.com.au (because they are partnered) but with better information for investment purposes.
For my personal situation, I am also investing more in shares. CBA were actually the very first shares I ever bought and I plan on buying more shares. Now I will be able to check them all out with ease, in my own time, from my laptop.
If I were a Commonwealth customer I would be able to track it even better. I would be able to see my savings, exactly as they are, my property value vs my mortgage etc. There is heaps non CBA customers can di and use and it is still worth it, but as a CBA customer there are a few things that make it even more worthwhile.
On Thursday, I was sitting next to Clive van Hoden who deals with home loans for CBA and he asked me what I thought. I said “It is so good it makes me want to switch and that is huge because I have been with and loved my current bank for years!”
Now, as much as I love it, I would still do diligent research and make sure I get the best mortgage for me, which may not be with Commonwealth Bank. I would make sure that with all my banking and investments I am getting the best deal, so the right savings accounts and things, not just switch to CBA to have it all show in My Wealth. While it would be easier to have it all in the one place, the difference in interest rates and fees etc could mean it costs me a few thousand a year for convenience.
That said, I have been researching mortgages and the difference between lenders was pretty negligible. There was a 0.01% difference between CBA and the best deal RAMS or Aussie could get me. For a 0.01% on my tiny mortgage to be, I’d switch to CBA to use My Wealth. I encourage you all to do your own research though and you should be checking your mortgage and other investments regularly to make sure you are getting the best deal for you.
A few other things I like about My Wealth are the news stories. They have their own journalists for them and have relevant news to each section, latest news, hot topics and so on. There is a forum where you can chat to other people anonymously (you create a screen name for the forum) about all things investing such as property, companies, shares and so on.
It is pretty much a one stop shop to track your investments in property, shares, cash and super; find more investments and do research. I already know I will be using it a lot.
What are your thoughts? Have you checked it out? Would you use it?