Greater Bank: Transfer checklist

[Jarrod_McAleese]

Greater Bank has provided the following information and tips when completing a transfer as vendor or purchaser with them. Please let us know in the comments if this is helpful, and if there is further information you would like added.

If you are unable to progress a settlement via PEXA, send GB a conversation with an explanation and withdraw from the workspace. Where the transfer is mandated to be lodged in PEXA you will need to complete an exemption form and provide it to the lodging party prior to or during settlement.

If GB is acting as ‘Mortgagee on Title’ and ‘Incoming Mortgagee’ please ensure two separate invitations are sent, one for each role.

If there is an issue with settlement please forward a conversation in PEXA. For urgent matters please call:

Transfer – Sale (Mortgagee on Title) GB Discharges – 02 4921 9148

Transfer – Purchase (Incoming Mortgagee) GB Mortgage Processing – 02 4921 9790

Transfer – Sale (Mortgagee on Title)

How to initiate a sale request

Please advise the customer to complete and send a completed GB Discharge Authority via email to dischargesettlements@greater.com.au.

The GB DA is required to be emailed and uploaded to the PEXA workspace. Delays in settlement may occur if the DA is not emailed to the correct email address.

It is recommended the tick box in PEXA is selected to notify when the DA has been emailed to GB.

If a GB DA is required, please phone the GB Discharges TEAM or a blank DA will be uploaded to the PEXA workspace upon receipt of the PEXA invitation.

PEXA invitation request

Please ensure the PEXA invitation is sent as early as possible or at least 10 days prior to settlement, with the customers’ full name and account number.

Document generation and settlement

The settlement date will not be accepted until the DA has been received and all pre-settlement conditions have been met.

When the DA has been received and verified, GB will create the respective documents, tick the box to confirm DA has been received and accept the settlement time and date.

GB will indicate via a PEXA conversation of any document verification delays and clearly advise of any action or outcome as required.

GB payout process

Indicative payout figures are confirmed within 3 business days prior to settlement.

Final payout figures are confirmed on the morning of settlement by 10am.

Payout figures in the PEXA workspace are indicative until the FSS has been signed by GB.

GB’s preference is for the practitioner to manage any surplus funds on PEXA. If the customer has provided a GB account for surplus funds on the DA, the account details will be provided by GB to the practitioner via PEXA conversation.

Preferred settlement times

GB preferred settlement time is Monday to Friday between 11am and 3pm.

If matters have not settled by 4pm we will unsign the documents and settlement will need to be rescheduled.

Same day settlements

Amending settlement date and time on PEXA on the day of settlement without confirmation from GB can result in settlement delays.

Transfer – Purchase (Incoming Mortgagee)

How to initiate a Purchase request

Invitations must include the customer’s full name and GB reference number, as per the correspondence emailed to your office when loan documents are created.

Invitations will only be accepted where GB can identify the customer and the new loan account. We will decline invitations where there is no reference number and we cannot find an approved loan number in that name.

To avoid settlement delays please ensure invitation requests are sent as early as possible, or at least 10 days prior to settlement.

Preferred settlement time

GB preferred settlement time is Monday to Friday between 11am and 3pm.

The latest settlement time is 4pm. If matters are not settled by 4pm we will unsign the documents and settlement will need to be rescheduled.

Accepting settlement date and time

The requested settlement date will not be accepted until all customer loan documents and mortgage documentation have been returned and all special conditions of the loan met.  If loan documents and mortgage documentation has been received but there is outstanding special conditions to be met, we will advise you via PEXA conversation.

When loan documents have been received, GB will note the Settlement Summary page to advise if a shortfall authority has been signed and provide the last 4 digits of the account number.

Whilst GB provide communications with Lenders to follow up with customers, it is appreciated if you would also advise and pursue the customer to sign documents and meet all requirements to ensure settlement is not delayed.

GB will advise via conversation if the settlement date is not accepted and provide a clear reason and clear action for this.

As a general rule, 3 clear business days from receipt of all requirements is required for settlement.

Transfer of Land (TOL)

Please ensure the TOL document is created at least 5 days prior to settlement.

Completing financial settlement schedule (FSS)

GB is completely reliant on Total Funds Required for Settlement (TFRS). We do not balance to the Destination total.

GB prefers 3 days’ notice of TFRS to ensure sufficient funds are held for settlement.

GB will upload the available loan funds and registration fees to the Source funds when signed loan documents are received. This amount is the total amount available for settlement, and does not include internal fees and charges.

Once TFRS has been updated, if GB has a signed shortfall authority, GB will add the Purchasers Equity to the Source funds. It is up to you to advise the customer of the shortfall amount. If shortfall funds are not held in the nominated account GB will advise you via PEXA conversation to advise the customer to ensure funds are in the correct account.

Where there is no shortfall authority held by GB, the incoming proprietor must organise and provide the shortfall funds, and update the Purchasers Equity in the Source funds.

If GB holds surplus loan funds not required for settlement, a Destination transfer will be added and surplus funds will go to the customer’s nominated account at settlement.

PEXA Update December 2020: If a workspace is settling using the new Enhanced Settlement Summary (currently being rolled out via a phased deployment) TFRS will not be required. The alternative requirements are to agree funds due for settlement and select ready for shortfall or surplus. More details are available here: community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Summary/ba-p/20957. GB will be updating this checklist to reflect the new ESS process in early 2021.

Day of settlement

Please ensure all adjustments to TFRS are finalised at least 4 hours prior to settlement.

Any amendments made to the FSS (post GB sign off) may result in GB needing to reconfirm loan proceeds available which could cause settlement delays.

1 hour prior to the settlement time please ensure FSS schedule is finalised and signed off and the PEXA workspace is at ‘Ready Ready’ status.