Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Mortgage refinancing to become paperless (2)

Applications to refinance will become paperless in three Australian states as the transition to electronic transactions is rolled out.

Victoria, New South Wales and Western Australia have announced changes to refinancing lodgment procedures, effective 1 August 2017.

Property Exchange Australia Ltd (PEXA), the digital conveyancing network powered by Property Exchange Australia, will be used with the states’ respective land and property agencies to lodge refinancing transactions.

In Western Australia, PEXA will be used for “all eligible commercial, standalone mortgages, discharges of mortgages and refinances,” PEXA said, while in Victoria, refinance transactions for both retail and commercial mortgages  are to be lodged electronically when transacting parties are authorized deposit-taking institutions (ADIs).

Lenders in New South Wales are to make electronic transactions for “any combination of mortgages and discharges of mortgage”, provided both mortgagees in the refinance transaction are ADIs, excepting “where the mortgages and discharges of mortgage are to be lodged with any other dealing, affecting the same folio[s] of the Register”.

Advertisement
Advertisement

PEXA began its journey to a completely electronic conveyancing system in Australia in 2014. It said:  “Lenders, conveyancers, lawyers, land registries and revenue offices are responding to consumer demand for end-to-end digital services as well as seeking operational efficiencies through the strategic application of digital technology.

“In a practical sense, this means that the old process that involves cheques and paper is diminishing as technology fundamentally transforms the way we all interact and transact.”

As of March, ADIs and their representatives in New South Wales have also been required to electronically lodge standalone discharges of mortgages, including commercial mortgages, following similar transitions in Victoria and Western Australia.

The rollout comes at a time of digital transformation across the board, as lenders tout the benefits of fintechs and industry leaders consider the value of virtual verification of identity (VOI) technologies. 

[Related: Innovative property platform passes $20bn milestone

Mortgage refinancing to become paperless (2)
mortgagebusiness

Latest News

Discover some of the top news stories impacting the mortgages space in this weekly wrap-up. ...

The central bank should have raised the official cash rate earlier than May given rising inflation, according to economist Stephen Koukoul...

In the face of ever-increasing competition from fintechs in the buy now, pay later space, NAB has nabbed its share by launching its first BN...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

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