on 27-09-2018 05:16 PM
Hi there. I am refinancing the First Mortgagee in NSW. There is a Second Mortgage registered on Title.
Via PEXA, can I get priority over the 2nd Mortgagee?
on 02-10-2018 08:44 AM
As you are aware, once you re-fi the first mortgagee, the, currently, second mortgagee will be promoted to first mortgagee and the new mortgagee will be second mortgagee.
At present, in NSW you will need to lodge a paper dealing to promote the second mortgagee up to first. In 2019, PEXA will enable the capability for NSW LRS to electronically accept all dealing types in PEXA, including the mortgage priority dealing.
Alternatively, (which is not always possible as the second mortgagee does not wish to play along) you could discharge both mortgages and re-apply in the one PEXA lodgement case.
Please let me @GeorgePolus know if you have more questions.
a month ago
Hi @GeorgePolus , bringing up a zombie thread here, but I note that you said this functionality would come into play in 2019. Is this the case?
We have a situation where client is looking to refinance their mortgage (Bank A, first position), to Bank B. However Bank C currently has a guarantee in second place. We would like for Bank B to recoup first position, leaving Bank C in second position. Is this now possible?