CBA adds property to MyWealth
Just three months after launching its entry-level online investment platform, MyWealth, Commonwealth Bank has upgraded the service to incorporate residential property investment.Customers will be able to use MyWealth to search properties, receive alerts on recent sales, and receive free market valuations on their properties from RP Data.However, the bank's claim that it now offers "all asset classes in one portfolio under the one log-on for the DIY investor" is a stretch. Customers need to have a Commonwealth Bank loan if they want their net property position to form part of their MyWealth account balance.CBA mortgage customers will be able to include their home and investment property valuations, net of debt, in their MyWealth portfolio, alongside their shares, fixed income and cash.Commonwealth Bank's chef innovation officer, equities and margin lending, Lisa Frazier, said her team was working on incorporating rental yields into the mix, along with some investment health-check tools.Frazier said that MyWealth has attracted 18,000 registered users since its launch in February."A lot of them are new to equities. What they liked was the simplicity of the site," Frazier said.