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

Second/Third mortgage in favour of same mortgagee - VIC

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
  • :
  • Second/Third mortgage in favour of same mortgagee ...

Second/Third mortgage in favour of same mortgagee - VIC

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
RossHW
RossHW
New Contributor
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎19-10-2016 05:46 PM

on ‎19-10-2016 05:46 PM

Second/Third mortgage in favour of same mortgagee - VIC

Hi there,

 

Has anyone had to register a second (or third) mortgage where the additional mortgage is also in favour of the the first mortgagee (same financial institution)?  

 

Are you able to represent the same party in multiple roles on PEXA (ie mortgagee on title and incoming mortgage).   The option was available to invite a party (mortgagee on title) when creating a workspace as incoming mortgagee.  It is somewhat counterproductive when you have client authorisation and have instructions to handle the transaction behalf of the financial institution.

 

If the above is possible,  take the scenario one step further.  The first mortgagee registered on title has since changed its name.  Will PEXA recognise that you have client authorisation for the party in its previous name?

 

Below is the standard a scenario from the FAQ's section posted by BrettCS:

 

A second mortgage scenario is where:

a) Blue Bank is the first mortgagee, and
b) Red Bank wants to lodge a mortgage to become 2nd mortgagee on title

 

In SA, QLD and WA, Red Bank could simply open a standalone workspace in the role of Incoming Mortgagee, create and then lodge the second mortgage.

 

In order for Red Bank to lodge its new mortgage in VIC and NSW:

  1. Red Bank creates a workspace in PEXA (role of Incoming Mortgagee)
  2. Red Bank to invites Blue Bank to the workspace, (role of Mortgagee on Title)
  3. Red Bank would prepare its Mortgage document
  4. If in VIC, Blue Bank would lodge a Nomination (Nomination to the PEXA Workspace and Blue Bank will request to retain control of the title)
  5. If in NSW, Blue Bank would create and lodge a Third Party Consent
  6. Red Bank then lodges its Mortgage. 
Category:
  • Lodgement
0 Likes
Reply
  • All forum topics
  • Previous Topic
  • Next Topic
3 REPLIES 3
Ames
Ames Star Employee
Star Employee
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎21-10-2016 12:10 PM

on ‎21-10-2016 12:10 PM

Re: Second/Third mortgage in favour of same mortgagee - VIC

Hi @RossHW

 

Sounds like there are two things you're asking here. The first, is about how to act in two roles in one Workspace. We have help material here that describes how to add an additional role.

 

The second part of your question really relates to satisfying yourself that you hold a Client Authorisation from the correct party. The VOI standard would require you to obtain evidence of the party's change of name. So for example, if the title shows "the English and Scottish Australian Bank Limited" and you have a Client Authorisation from ANZ, you'd need to confirm the link for yourself. 

 

Hope this helps! Let me know if you need any further clarification.

1 Like
Reply
GeorgePolus
GeorgePolus Star Employee
Star Employee
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎25-10-2016 02:12 PM

on ‎25-10-2016 02:12 PM

Re: Second/Third mortgage in favour of same mortgagee - VIC

Hi Ross,

 

When adding a 2nd or third mortgage, it is only required that the mortgagee is represented as Incoming Mortgagee - either self represented or by a representative under a client authorisation.  

 

This is irrespective of whether the mortgagee has one or more registered mortgages already on title and also irrespective of whether the mortgagee has had a change of legal name since registration of the first of second mortgage. 

I hope I have answered your question.  If not, please write back.   We will then seek to clarify any outstanding questions.

 

0 Likes
Reply
markcurtis88
markcurtis88
New Contributor
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎20-12-2019 11:31 AM

on ‎20-12-2019 11:31 AM

Re: Second/Third mortgage in favour of same mortgagee - VIC

Can i please confirm if lodging a second mortgage in Qld do we need to obtain a paper consent from the first mortgagee and then lodge this consent document as an attachment when lodging the new second mortgage?

0 Likes
Reply
PEXA

|

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