Mortgage marketplace HashChing has partnered with an e-conveyancing platform, in a move designed to make the entire home-purchasing process “pain-free”.
Pointing to PwC research which reported that one in five settlements is delayed due to inefficiencies in conveyancing, HashChing announced its partnership with Titlexchange, an e-conveyancing service.
Atul Narang, CIO at HashChing said: “Borrowers are at the mercy of conveyancers, who can sometimes drag the process out unnecessarily and worse – charge more for their own delay.”
“With this new digital offering, consumers are in complete control of the process, and they’re able to keep a tight lid on costs thanks to the reasonable, fixed-fee pricing structure. Our goal is to make conveyancing a pain-free experience.”
The service is expected to launch for brokers across Australia following a pilot program in Victoria and will allow customers to complete all steps towards home ownership, including verification of identity (VOI) and data collection, digitally.
Customers are also able to check progress, comment on files, download documents and communicate directly with the conveyancer at any point in the process.
“Since the whole procedure is completed online, it minimises the manual processes and paperwork associated with property exchange. We connect users with a local conveyancer the same way we connect them with a local mortgage broker,” Mr Narang added.
HashChing and Titlexchange will offer three packages. Customers buying off-the-plan and borrowers transferring a property title to a family member or spouse are charged $490.50, while borrowers buying or selling existing real estate and titled land will pay $738 for the service.