From Aug. 1, all mortgage refinancing transactions in Victoria, New South Wales, and Western Australia will have to be carried out digitally using the Property Exchange Australia (PEXA) platform.
States across Australia have released detailed plans to phase out paper and welcome electronic property transactions into their businesses.
“This not only marks an important stage in the development of PEXA, but a major step forward in the banking, finance and conveyancing industries in realising the goal and benefits of the digital transformation of Australia’s largest asset class,” PEXA said.
These accelerated steps have seen online transfer transactions increase by 25% since the last audit in December. Refinance transactions reached an all-time high of over 200,000 completed online, which is a superb indication of the industry’s embrace of electronic conveyancing.
Listed here are some of the transformational dates outlined by the three states:
Victoria (Land Use Victoria)
From Aug. 1, refinance transactions are to be lodged electronically if the transacting parties to discharge mortgages are authorised deposit-taking institutions (ADIs). This applies to both retail and commercial mortgages and is covered under the Banking Act 1959.
These changes are contained in the Land Use Victoria Customer Information Bulletin 162.
NSW (Land & Property Information)
If both mortgagees in a refinance transaction are ADIs, then any combination of mortgages and discharge of mortgages signed on or after Aug. 1 must be lodged electronically, except where the mortgages and discharges of mortgages are to be lodged with any other dealing, affecting the same folios of the register.
These changes are contained in the LPI Conveyancing rules (Section 12E Real Property Act 1900).
Western Australia (Landgate)
From Aug. 1, all eligible commercial mortgages, standalone mortgages, discharges of mortgages, and refinances must be lodged electronically.
These changes are contained in the Landgate Bulletin No. 289.
