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Home Loan Refinancing Now Fully Digital in Vic and NSW

1 August 2017 was the banking industry deadline for paperless refinancing in Victoria and New South Wales.

If you, or your clients, are looking at refinancing in either of these two states, the applications must now be lodged online with the land registries. WA also has a mandatory deadline for refinancing which kicks in from December.

According to PEXA, the platform which makes electronic land transfers possible, the deadline will enforce the capability to provide consumers with rapid processing of refinancing applications – applications that may have taken up to a month to process in paper format.

A statement released by PEXA says, “Mortgage lenders Australia-wide are now digitising back office operations. This is a huge milestone with more than 120 lenders now signed up to exchange property online through PEXA’s network. To date, the value of property transacted on PEXA’s network is almost $58 billion.”

With disruptors and emergents receiving so much attention over the past few years, (uber-of-real-estate-anyone?) these mandatory deadlines are a way to march the property industry towards the future, in tactical ways which, for whatever reason, we have been slow to move on.

Platforms such as PEXA and Rundl, are able to remove paper from the transaction and fully digitise the transaction from agency appointment to settlement and exchange – and while these are so well received by agents, financiers, and conveyancers – there is still a lot of paper floating around in a world where the efficacy of electronic signing is significant.road

You can keep up to date with the deadlines for electronic property transactions via the PEXA website here.

 

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