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:
- Red Bank creates a workspace in PEXA (role of Incoming Mortgagee)
- Red Bank to invites Blue Bank to the workspace,in the role of Consentor (NSW) or CT Controller (VIC)
- Red Bank would prepare its Mortgage document
- 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)
- If in NSW, Blue Bank would create and lodge a Third Party Consent
- Red Bank then lodges its Mortgage
In WA, the second (incoming) Mortgagee needs to obtain the paper title from the first mortgagee. Then the second mortgagee can lodge the second mortgage via PEXA – certifying to Landgate that you hold the Duplicate CT and that it will be destroyed/invalidated for future dealings.
If a new Duplicate CT is to be issued, it needs to be advised via the Lodgement Instructions and sent via post back to the first mortgagee.
