Community home
Menu
  • PEXA Certified Expand

    PEXA Certified

    This program will give you an introduction to PEXA, how it works and how it can help you transform your business processes.

    Discover More
    • Getting Business Ready
    • System Set Up
    • Transacting in PEXA
  • Help Centre Expand

    Help Centre

    Here you’ll find more than 230 help articles and videos to assist you.

    Discover More
    • Help Articles
    • Help Videos/PEXA TV
    • PEXA Interactive Demos
    • FAQs
    • Ask a Question
    • PEXA Certified
  • Ask a Question
  • Share your Experience
  • Raise an Idea
  • Blogs Expand

    Read the latest in our blogs.

    Keep up to date with the latest PEXA product releases, and read up on the property blog.

    Discover more
    • Community Blog
    • The Property Blog
    • Security Updates
    • PEXA Product Releases
    • Announcements | Outages etc
    • The Bank Blog
    • Workspaces
      Community
      Register
      Log in
    Apps menu
  • Register / Login

Community Home
Register / Login

NSW LRS Fees - Doubling Up

cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
  • Community
  • :
  • Join the Discussion
  • :
  • Ask a question
  • :
  • Re: NSW LRS Fees - Doubling Up

NSW LRS Fees - Doubling Up

Reply
Topic Options
  • Subscribe to RSS Feed
  • Mark Topic as New
  • Mark Topic as Read
  • Float this Topic for Current User
  • Bookmark
  • Subscribe
  • Printer Friendly Page
  • All forum topics
  • Previous Topic
  • Next Topic
NicoleAghabi
NicoleAghabi
Occasional Contributor
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎24-11-2018 08:02 AM

on ‎24-11-2018 08:02 AM

NSW LRS Fees - Doubling Up

Check your client isn’t being charged for LRS fees when you are provide with the available funds for a purchase.

 

This because PEXA will automatically charge your client to pay the fee as well. In essence your client will be paying it twice.

 

If this is the case, you need to make sure the bank provides additional source funds to cover these costs. They need to pay it back.

Category:
  • Financial Settlement
0 Likes
Reply
  • All forum topics
  • Previous Topic
  • Next Topic
3 REPLIES 3
MarianAbraham
Moderator MarianAbraham Moderator
Moderator
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎11-12-2018 11:15 AM

on ‎11-12-2018 11:15 AM

Re: NSW LRS Fees - Doubling Up

Hi @NicoleAghabi

The way this fee is charged in PEXA is just as it would be in the paper world -  the Proprietor On Title will deduct the discharge of mortgage fee from what they are owed by the purchaser. For more information on how PEXA fees work, please visit https://community.pexa.com.au/t5/Getting-Business-Ready/bg-p/Step1_Getting_Business_Ready#2820

Thank you

Marian

1 Like
Reply
NicoleAghabi
NicoleAghabi
Occasional Contributor
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎11-12-2018 11:28 AM

on ‎11-12-2018 11:28 AM

Re: NSW LRS Fees - Doubling Up

Yes, but they have to add it back.

I made the comment because the bank didn't add it back and my client was paying the one fee twice. Once in PEXA and once before they provided the loan amount funds available.

I made the bank aware of this and it was rectified by them going into PEXA and adding the amount back as a source fund.

0 Likes
Reply
DZTS
DZTS
Contributor
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎11-12-2018 03:26 PM

on ‎11-12-2018 03:26 PM

Re: NSW LRS Fees - Doubling Up

"The way this fee is charged in PEXA is just as it would be in the paper world"

 

I don't believe this is correct. In the paper world, the *BANK* is the party who will lodge the documents for registration and so they deduct the fees from the Funds Available to the purchaser on settlement. In PEXA, this fee is paid directly by the purchaser. 

1 Like
Reply
PEXA

|

Facebook Twitter LinkedIn
  • Support
  • Privacy Policy
  • Terms of Service