Powered by MOMENTUM MEDIA
subscribe to our newsletter
Another state gains access to PEXA

Another state gains access to PEXA

Brokers and consumers in four Australian states have now been connected to the country’s emerging electronic conveyancing network.

Sunshine Coast firm ByTheRules Conveyancing set another milestone for the PEXA network in late December when it conducted Queensland’s first online property exchange.

Online property transfers debuted in NSW in November 2014, followed by Victoria in January 2015 and Western Australia in June 2015.

Advertisement
Advertisement

PEXA, the agency that is overseeing the roll-out of a national network, said it has signed all four major banks and that 2,500 legal and conveyancing firms are either active or joining.

Under the PEXA system, properties are exchanged via a secure platform, with final funds settling through the Reserve Bank of Australia. E-conveyancing removes the need to use cheques and attend settlements in person.

ByTheRules client services director Maggie Keene said Queensland’s first online property exchange was conducted on behalf of a Bali-based vendor.

“Both the buyer and seller that we acted for were excited about being part of something new that’s easy and stress-free for them,” she said.

“The selling client wanted the funds to be quickly paid into their Australian account. They loved the online process. It reassured them that although they were separated by distance there would be no delays.

“Going online also reduces stress. Of course paper transactions still work; it’s just that they often take much longer because they’re more prone to mistakes or delays."

[Related: New fintech solution to accelerate settlements]

 

Another state gains access to PEXA
mortgagebusiness

 

Latest News

The embattled wealth giant has confirmed that its statutory net profit fell by $820 million in 2018, due to costs associated with the royal ...

The non-major bank’s net profit after tax has dropped by 4.7 per cent, coinciding with weaker home lending performance. ...

Regulatory sandboxes may not be the answer for regulating cross-border fintechs, a new report has suggested. ...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The aftermath of the final royal commission report

Is enough being done to ensure responsible lending?