Resistance in the West to potentially lucrative e-conveyancing monopoly

The Australian Institute of Conveyancers Western Australia Division (AICWA) has been lobbying its state’s lawmakers to stop mandatory PEXA settlements.  AICWA states: The AICWA has met with representatives from Landgate and the Minister for Transport, Planning and Lands office to outline our concerns. AICWA remains fully supportive of a transition to electronic settlement. In fact, we accept that there are circumstances where regulation to mandate electronic lodgement of eligible transactions would be both appropriate and indeed desirable. However, such a mandate is premature at this time. AICWA was asked to identify the essential criteria that need to be satisfied before […]

Regional Conveyancing Firm Settles 105 Properties Through PEXA

New technology is bringing WA property settlement agents a competitive edge according to Mandurah-based Waterways Conveyancing Licensee Lyn MacQuarrie. “With a high speed internet connection and a strategy to digitally exchange property we’ve quickly settled 105 properties online,” she said. Hi-tech smarts a marketing tool to capture more business “With PEXA we can compete on an equal footing with city-based outfits because we don’t have to waste one hour of our precious client-facing time heading into the city by car or train each time we settle a property. This old method of paper-based settlements is outdated. I urge other property […]

NAB mortgages go hi-tech with digital era reform

Anyone who has ever bought or sold a home knows that finalising a property transaction can be stressful. NAB is making things easier for its customers, as Gary Howard, General Manager of Redstar Customer Lending Operations, explains here.     Q. From 1 August, all mortgage refinances are required to be online. Is NAB geared up for the digital mortgage era? We know our customers want to do things more easily, simply, and conveniently, and enabling digital solutions is absolutely key to this. NAB has been an advocate and driver of change in the eConveyancing industry for years. Since settling our […]

It is day one of compulsory PEXA

1 August 2017 is the banking industry deadline for paperless refinancing. It marks the first compliance date for how refinance transactions must now be lodged with land registries in NSW and Victoria. Western Australia follows suit in December. From 1 August 2017, refinance transactions in Victoria, where the transacting parties to discharges of mortgage and mortgages are authorised deposit-taking institutions (ADIs) under the Banking Act 1959 (Cth), are to be lodged electronically (both retail and commercial mortgages). In NSW, where both mortgagee(s) in a refinance transaction are ADIs, any combination of mortgages and discharges of mortgage signed on or after […]