on 08-05-2019 11:53 AM
Has anyone has any discharges of Rural Finance Corporation mortgages since 30 June 2016 were the Rural Assistance Commissioner was appointed to administer rural assistance schemes and replace Rural Finance Corporation?
I am hoping to settle a matter via PEXA where Rural Finance Corporation has a registered mortgage but have been advised that we will need to settle by paper as the Rural Assistance Commissioner is not a subscriber to PEXA.
My question is - has anyone received advice from Land Vic that the Commissioner is not required to be a subscriber OR appoint an agent who is a subscriber in order to settle by PEXA?
on 08-05-2019 01:24 PM
Not sure about Rural Finance as Mortgagee on Title.
Rural Finance as a Brand or Loan Originator are handled by Bendigo & Adelaide Bank but I believe Bendigo then shows as Mortgagee.
Sorry I can't be of more assistance.
on 08-05-2019 01:38 PM
Thanks Brett - its actually Rural Finance Corporation (full name) registered as mortgagee on title. I will keep investigating and can always contact Land Vic for their advice.
on 08-05-2019 02:26 PM
Rural Finance is a PEXA Subscriber, so you can invite them directly into the workspace.
on 08-05-2019 03:10 PM
Hi Cate - I first thought that was the case too but we received this message from the Agribusiness Manager at RURAL BANK, which again confuses things, as the mortgage on title is registered to RURAL FINANCE CORPORATION OF VICTORIA. (I understand that Rural Bank and Rural Finance are both subscribers to PEXA)...
"Please Note: Rural Assistance Commissioner is not a PEXA subscriber. We will provide a paper discharge of mortgage at settlement."
It was through further research that I found that the Rural Assistance Commission replaces the former Rural Finance Corporation of Victoria.
And I just cant seem to get a clear answer from anyone or any answer at all in some cases!
on 08-05-2019 04:07 PM
Thanks for the additional information. I've checked with Rural Finance and they have advised that this transaction will not be able to proceed electronically as these types of mortgages now sit with the Rural Assistance Commission who as you mentioned is not a PEXA subscriber.
You will need to use the exceptions cover form to lodge this in paper. You can download it from Land Use Victoria -scroll down to select Request to accept paper lodgement.
Let me know if you encounter any further issues with this.