PEXA brings digital transformation to property
By PEXA - 12 April 2017
States across the country have released detailed plans to phase-out paper and welcome electronic property transactions into their businesses.
These accelerated steps have seen online transfer transactions increase by 25% since the last record in December 2016, while refinance transactions reached an all-time high of over 200,000 completed online – a superb indication of the industry’s embrace of electronic conveyancing.
For your reference, below are the current transformational dates outlined by state.
Western Australia
The first stage of Western Australia’s transition happened on 1 August 2016 where all Authorised Deposit-Taking Institutions (ADIs) and their representatives now lodge standalone mortgages (subject to the NCCC) and discharge of mortgages electronically.
This year, the following dates and corresponding transformations will be implemented to reach 100% online transactions.
| 1 December 2017 |
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| 1 May 2018 |
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New South Wales
On 1 March 2017, all ADIs and their representatives transitioned online and now lodge all standalone mortgages (subject to the NCCC) and discharge of mortgages electronically via PEXA. ADIs will receive an e-Title following registration of an electronic transaction.
Over the coming years, the following dates and corresponding transformations will be implemented.
| 1 August 2017 |
|
| 1 July 2018 |
The above dealing(s) are not required to be lodged electronically if lodged with another dealing affecting the same folio(s) of the Register.
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| By October 2018 |
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| 1 July 2019 |
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South Australia
After only nine months of e-Conveyancing, South Australia’s Land Titles Office released the following plans to begin its transition online.
| 3 April 2017 |
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| Targeted for the end of 2017 |
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You can read the South Australian Land Titles Office full announcement here, including circumstances of exemption.
Victoria
Since 1 August 2016, all ADIs and their representatives began lodging standalone mortgages (subject to the NCCC) and discharge of mortgages electronically via PEXA.
At the end of the year in October 2016, banks replaced paper certificate of titles with electronic certificate of titles.
See below for confirmed transformations over the coming years, or view Land Use Victoria’s customer information bulletin here.
| 1 August 2017 |
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| 1 December 2017 |
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| 1 March 2018 |
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| 1 October 2018 |
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| 1 August 2019 |
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*Eligible land registry documents are defined as the documents that support transactions that can be completed using the existing Electronic Lodgement Network where all the participants are or can become subscribers.