Property Exchange Australia (PEXA) has confirmed that the first live online property settlement transaction has been lodged in the ACT, effectively introducing the service to the jurisdiction.
In September, the Electronic Lodgment Network (ELN) operator announced that it had been granted approval from the Registrar General to create and operate its ELN in the territory.
The ACT government first passed legislation enabling online settlement in the territory in May 2020.
Currently, Tasmania and the Northern Territory are the only two states and territories not involved in PEXA’s network.
Mortgage Business understands that PEXA is currently in active discussions with both Tasmania and the NT. However there is no specific timeline as of yet when either will be brought into the fold.
Speaking of the transaction, PEXA Group chief executive Glenn King said: “We know the arrival of digital property settlements has been highly anticipated within the community. It is incredibly exciting for all involved to have reached today’s landmark launch, and on behalf of PEXA we congratulate all involved.
“This is certainly a momentous day for the ACT government, and all those who have enabled this day to occur, including lawyers and financial institutions.
“We look forward to seeing the benefits of seamless and secure digital conveyancing support ACT homebuyers and sellers in the months and years ahead.”
The inclusion of the ACT reflects a period of growth for the ELNO, which confirmed in August that it had seen a 42 per cent increase ($221 million) in its revenue for the 2021 financial year.
Electronic conveyancing (e-conveyancing) has generally been rising across the country.
A ministerial directions statement published in early November by the Australian Registrars’ National Electronic Conveyancing Council, regarding an October meeting on e-conveyancing reforms, revealed that the first steps of regulations will begin to be introduced from February 2022.
[Related: NAB signs up to Sympli ELN]