Lodgement/Settlement hours

[adrianpapa]

What are the earliest and latest times that you can lodge documents and do a settlement in PEXA?

[RebekahD · Accepted solution]

The time range will differ in each state, depending on when the Land Registry will accept lodgement of documents and when the RBA closes. In WA for example it is between 8:30am - 3:30pm, on every half hour in between. I believe this will increase in WA by an hour with daylight savings time.

[TheresaTing · Accepted solution]

It varies from state to state and also depends if there is financial settlement involved.

Lodgement and settlement timings for all states could be found under Section 8.2 Hours of Operation in the PEXA Service Charter 

For settlements, look in 'Financial Settlement Availability' section.

For standalone lodgements ie: Caveat or Settlement Notice, look in 'Instrument Lodgement Availability' section.

[Simon]

Can a document (in this case a Settlement Notice) be submitted for lodgement outside of the lodgement hours so that PEXA will complete the lodging process at the next available time?

Thank you!

[AnnaHardie]

Hi @Simon

No, you cannot lodge outside of the Instrument Lodgement Hours. In Queensland the availability hours are 8.30am - 4.30pm Monday - Friday (excluding holidays and all days between Boxing Day and New Years Day, as per the Service Charter). 

The Instrument Lodgement Availability hours do vary from state to state. The Service Charter outlines the Hours of Operations in section 8.2 (scroll about 3/4 down the page). 

That said, you can access your PEXA workspace 24 hours a day, 7 days a week (excluding maintenance, the Support Centre will advise members prior to any activity) to complete preparation work. 

I hope that helps Simon. 

[LG]

Hi,

The service Charter states:

"If the Electronic Workspace is not in Ready Status at the date and time of Scheduled Settlement, PEXA will automatically reschedule the Electronic Workspace to the next available time for that day, until 5 pm AEST/AEDT (excluding QLD).

Where a Conveyancing Transaction with Financial Settlement has been scheduled to settle prior to 4pm (AEST or AEDT, as applicable) on a particular Business Day but has not been completed by 4pm (AEST or AEDT, as applicable) on that day, Subscribers will be required to rebook the settlement for a subsequent Business Day."

Does that mean, if there's no Transfer involved settlement will roll until 5PM (excl Qld) and if a Transfer is involved settlement will only roll until 4PM?

Thank you 

[sgoscombe]

Hi @TheresaTing , is there a new link now that this information is not under Section 8.2? Thanks!

[TheresaTing]

Hi @sgoscombe 

PEXA's Hours of Operations now has its own link.

Hope this helps!

[Karolidis_and_Co]

Out of curiosity, are there plans to expand financial settlement to occur outside business hours and/or weekends as we would expect this is possible given settlements are taking place electronically? 

I can imagine many purchasers/vendors are keen to have their transaction settle post the 5pm Friday cut-off (particularly relevant for non finance transactions).