Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

PEXA platform gains momentum

Australia’s online property exchange, PEXA, has welcomed the first practitioners to the platform.

The first transaction by a practitioner was performed by lawyer Nino Galgano, who successfully lodged a caveat on a Victorian title.

“This is a major milestone for PEXA as we proudly welcome Nino Galgano to the platform,” PEXA chief executive Marcus Price said.

Advertisement
Advertisement

“Practitioners joining the platform today further strengthens our network in preparation for transfer and financial settlement functionality later this year."

Mr Galgano joined the PEXA platform as part of the Electronic Conveyancing Victoria (ECV) migration, along with property lawyers and conveyancers from Melbourne metro and regional Victoria.

Yesterday, PEXA confirmed that Western Australia has also joined the platform, following a major piece of integration and collaboration with Western Australia’s Land Registry, Landgate.

The first transaction on a Western Australian title – a discharge – was completed by Westpac on Wednesday.

Commonwealth Bank of Australia is a shareholder in the platform and the first lender to begin using PEXA – which eliminates the need for settlement documents and manual payments – in June last year.

CBA head of mortgages Clive Van Horen told Mortgage Business the lender has already settled 600 loans through the platform.

“Over the next 18 months, progressively more banks are coming online with more categories of transactions, which will really change the customer experience,” Mr Van Horen said.

“Settling a property is normally quite a stressful experience for customers – the exchange of cheques and title and so on – so digitising that like the stock exchange dematerialised years ago, I think that is going to change the mortgage game,” he said.

The platform is now used by all four major banks, while Suncorp, Teachers Mutual and Bankmecu have joined in the last month.

PEXA platform gains momentum
mortgagebusiness

Latest News

The chief executive of a major bank’s institutional arm has announced their retirement after more than 30 years in the sector. ...

The Reserve Bank governor is confident borrowers will manage higher mortgage repayments upon the expiry of deferral periods. ...

It would be “dangerously naive” to expect the operating environment to “go back to normal” once the COVID-19 crisis abates, APRA cha...

FROM THE WEB
podcast

LATEST PODCAST: Brokers continue to step up for clients

Do you expect COVID-19 to reduce or increase your business flows?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.