PEXA was the dominant lodgement channel in Victoria for refinance in December 2016, recently released Land Registry data reveals. For the first time, more than 50% of lenders used e-Conveyancing for a two-party property transaction.
This figure has almost doubled since the same time last year, indicating the market is transitioning from paper conveyancing to digitalised property transactions.
Westpac Executive Manager, Tim Graham, said he’s looking forward to a more efficient refinancing process.
“Over the course of 2016, we saw PEXA become the dominant channel for refinance. This has provided our customers with greater transparency and certainty when settling their loan. As we move towards a series of reforms in 2017, we look forward to working together with the practitioner market to empower efficiency and confidence in the home owner process. Westpac is committed to being a thought leader in this part of the market and working with the industry to increase e-Conveyancing utilisation”.
As financial institutions ready themselves for the 1 August compliance deadlines for refinance transactions, similar results are set to follow in other jurisdictions.
We'll report on other states as further information becomes available.