ANZ Transfer Checklist | Help Centre

EmilyBilling · ‎20-02-2018

ANZ have provided the following information and tips when completing a transfer as vendor or purchaser with them. Please let us know in the comments if this is helpful, and if there is further information you'd like added.

Transfer - Sale (Mortgagee on Title)

How to initiate a Sale Request

Please provide or advise the client to complete and send the completed Discharge Authority to ANZ.

A: via email: releasesdava@anz.com
B: Attach a copy of the Discharge Authority into the PEXA Workspace when invitation is sent or as soon as possible

PEXA Invitation Request

Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement
Settlement days set shorter than 15 days may impact settlement times

Preferred Settlement times: (AEST/AEDT)

Spread equally across the day

Settlement Date Acceptance

The requested settlement date will not be accepted until the discharge authority has been received and all pre-settlement conditions have been met. e.g. loan restructures
Where documents or pre-settlement conditions have not been received within 5 business days of settlement, ANZ may push the settlement date out.

ANZ Payout Process

Indicative payout figures are confirmed within 3 business days prior to settlement (including business files)
Final Payout Figures are confirmed on the morning of settlement by 10am
Please do not escalate unless final payouts are not in the PEXA workspace post 10am the day of settlement

Note

Payout Figures added to a workspace are indicative until the financial settlement schedule has been signed off by ANZ
Business Customers - Business Bankers must confirm payout figures on the morning of settlement which could delay final payout figures being added or finalized by 10am on the morning of settlement

Surplus Funds

ANZ preference is for the practitioner to manage any surplus funds in PEXA

Transfer - Purchase (Incoming Mortgagee)

How to initiate a Purchase request:

To avoid settlement delays please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant customer information is provided up front.

Information required on a PEXA invitation:

When sending an invitation please include as much information about the customer/transaction as possible and as a minimum include the following:

Full name of the customer
Address of property
Application number/reference number

Note: ANZ will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.

Preferred Settlement Times (AEST/AEDT)

Spread equally across the day

Transfer of Land (TOL)

Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement

Funds Available for Settlement

ANZ will update source tab with loan funds available. This amount will include all financed fees applicable to the transaction. This amount is updated when all customer documents have been returned and all pre-settlement conditions have been met.

Note:

If any fees are not financed a conversation will be sent with the total amount of the unfinanced fees
Please do not escalate for this amount to be entered unless you can see that the tick box for “Loan documents received from customer” has been ticked

Total Funds Required for Settlement

Please provide total funds required for settlement as soon as possible or ideally 2 days prior to settlement
If the Customer has provided authority instructions the account details will be updated in PEXA when ANZ has accepted settlement date

Settlement Date Acceptance

The requested settlement date will not be accepted until all customer documents have been returned and all pre-settlement conditions have been met.

Where documents or pre-settlement conditions have not been received within 5 business days of settlement, ANZ may push the settlement date out.

Note: Please do not escalate for this date to be accepted unless you can see that the tick box for “Loan documents received from customer” has been ticked.

Stamp Duty Certification (VIC Only)

It is important for Stamp Duty to be certified at least one day prior to settlement. This will allow ANZ to complete any amendments required in their core systems external to PEXA. The settlement cannot be signed off on PEXA until this has occurred.

ANZ Loan Proceeds

Loan Proceeds will be finalized and confirmed by ANZ at least 2 hours prior to the scheduled settlement time unless otherwise indicated.

Note: Late receipt of documents and pre-settlement conditions can impact this timeframe

Shortfall of Funds

ANZ will confirm the shortfall amount via conversation upon completion of the funds required field.

Day of Settlement

Please have your documents and your adjustments on the financial settlement schedule finalized and signed at least 4 hours before settlement.

Any amendments made to the financial settlement schedule (post ANZ or practitioner adjustments being signed off) will result in ANZ needing to re-confirm loan proceeds available which could cause settlement delays.

Please leave a comment or question below if you have found this useful, or if you would like further information.

goolwaconveyancing · ‎02-05-2018

ANZ Loan Proceeds

Loan Proceeds will be finalized and confirmed by ANZ at least 2 hours prior to the scheduled settlement time unless otherwise indicated.

Please ignore my previous post - ANZ - humble apologies - error was ours - you are the best lender to deal with !

nakatos · ‎02-05-2018

Hi @goolwaconveyancing, ANZ is consistently entering loan proceeds before 10 am on the day of settlement (94% for the month of April). The 6% that are missed are usually related to deals where the file isn't ready due to non receipt of all customer documentation and settlement needs to be pushed. I've sent a private message earlier today to obtain the workspace for investigation. Please send it through and I will investigate what occurred in this particular workspace. I've tried searching in PEXA, however the only transaction I can locate where you are a participant is a settlement due tomorrow.

Thanks

Nicole

goolwaconveyancing · ‎02-05-2018

HI ANZ,

Hi Nicole, the error was ours - please accept our humble apologies for the post - I was given the file to sort out for Settlement today - and I did not notice it was for Settlement tomorrow - thank you for your prompt response - as always ANZ is the best lender to deal with on PEXA - Michelle

@EmilyBilling wrote:
ANZ have provided the following information and tips when completing a transfer as vendor or purchaser with them. Please let us know in the comments if this is helpful, and if there is further information you'd like added.

Transfer - Sale (Mortgagee on Title)

How to initiate a Sale Request
Please provide or advise the client to complete and send the completed Discharge Authority to ANZ.
A: via email: releasesdava@anz.com
B: Attach a copy of the Discharge Authority into the PEXA Workspace when invitation is sent or as soon as possible

PEXA Invitation Request
Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement
Settlement days set shorter than 15 days may impact settlement times
Preferred Settlement times: (AEST/AEDT)
11am – 3pm (All States)

ANZ Payout Process
Indicative payout figures are confirmed within 3 business days prior to settlement (including business files)
Final Payout Figures are confirmed on the morning of settlement by 10am
Please do not escalate unless final payouts are not in the PEXA workspace post 10am the day of settlement
Note
Payout Figures added to a workspace are indicative until the financial settlement schedule has been signed off by ANZ
Business Customers - Business Bankers must confirm payout figures on the morning of settlement which could delay final payout figures being added or finalized by 10am on the morning of settlement
Surplus Funds
ANZ preference is for the practitioner to manage any surplus funds in PEXA

Transfer - Purchase (Incoming Mortgagee)

How to initiate a Purchase request:
To avoid settlement delays please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant customer information is provided up front.

Information required on a PEXA invitation:
When sending an invitation please include as much information about the customer/transaction as possible and as a minimum include the following:
Full name of the customer
Address of property
Application number/reference number
Note: ANZ will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.

Preferred Settlement Times (AEST/AEDT)
11am-3pm All States

Transfer of Land (TOL)
Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement

Funds Available for Settlement
ANZ will update source tab with loan funds available. This amount will include all financed fees applicable to the transaction.
Note: If any fees are not financed a conversation will be sent with the total amount of the unfinanced fees.

Total Funds Required for Settlement
If the Customer has provided authority instructions the account details will be updated in PEXA when ANZ has accepted settlement date
Please provide total funds required for settlement as soon as possible or ideally 2 days prior to settlement

ANZ Loan Proceeds
Loan Proceeds will be finalized and confirmed by ANZ at least 2 hours prior to the scheduled settlement time unless otherwise indicated.

Shortfall of Funds
ANZ will confirm the shortfall amount via conversation upon completion of the funds required field.

Day of Settlement
Please have your documents and your adjustments on the financial settlement schedule finalized and signed at least 4 hours before settlement.
Any amendments made to the financial settlement schedule (post ANZ or practitioner adjustments being signed off) will result in ANZ needing to re-confirm loan proceeds available which could cause settlement delays.

Please leave a comment or question below if you have found this useful, or if you would like further information.

LawyersConveyancing · ‎04-05-2018

I have just received this conversation from ANZ, which I find very worrying:

"Hi ANZ have accepted the invitation to settle via PEXA. The application is still in progress and the ANZ mortgage documents have not yet been sent. Please refer to PEXA Community ANZ Transfer checklist for further information on ANZ guidelines/timeframes : https://community.pexa.com.au/t5/Help-Centre/ANZ-Transfer-Checklist/ba-p/7603 thankyou"

It is not up to my staff to learn about ANZ's procedures or to go to documented guidelines and work their way through them.

This process of establishing a procedure and referring practitioners to it harks back to the bad old days of bank bullying. I have no intention of allowing any bank to tell my staff or clients, "Settlement has been delayed because you failed to follow our protocol as published in the PEXA Community."

Peter Mericka

Lawyers Conveyancing

nakatos · ‎04-05-2018

Hi @LawyersConveyancing, the conversation from ANZ is advising what stage we are at with the process of the transaction. In this instance, the conversation is letting you know that the customers application has not yet been approved. It is better to accept the invite and let you know where we are at, than to decline until an application is approved.

The conversation is highlighting that although the invite is accepted, we are not ready to complete anything further within PEXA. Industry agreed Transfer Guidelines are adhered to by ANZ, and in addition to those we have provided a link to the PEXA community which provides guidance of where in the process ANZ will complete required tasks. It is there as a secondary source of information if required . The major 4 banks have there processes highlighted within this link also.

Thanks

Nicole

LawyersConveyancing · ‎04-05-2018

hI @nakatos, thanks for your reply. The difficulty I have with the conversation we received from ANZ is that the simple reference to the ANZ guidelines carries with it a direction, or at least an expectation, that my law firm assumes responsibility for compliance with the guidelines, which we do not.

The corollary to this is that in the event that we do not follow the guidelines ANZ will feel entitled to inform our client that a delay has been caused by us, when in fact ANZ has delayed settlement because their guidelines were not followed.

The difference may be subtle, but the consequences can be extremely damaging.

I would suggest that the second sentence of the abovementioned conversation should be left out similar updates in future.

Peter Mericka

Lawyers Conveyancing

nakatos · ‎04-05-2018

Hi @LawyersConveyancing, I appreciate your feedback and I agree the wording needs improvement, particularly the reference to it as guidelines. They are not guidelines, they are just an insight into our end to end process and I will advise the team to amend the wording accordingly. The overall feedback with regards to the checklist is positive. It assists in reducing unnecessary status update conversations from both practitioners and OFI's and therefore ANZ would prefer to continue to reference it in our first conversation.

Nicole

goolwaconveyancing · ‎04-05-2018

I like the guidelines !

They are just that "guidelines" - they contain nothing that should not already be "minimum" conveyancing practice.

Not much has changed in the Bank's requirements from paper to PEXA. (Discharge Authority was always 10 clear business days prior to settlement. - payment directions 4 hours prior to Settlement etc)

I would like to see some of the other lenders put up guidelines - I know one takes at least 21 business days to process a D/A - when I see that lender on the title - I advise the client & agent that the Settlement will be delayed as early as possible. - and I'm sure that that is a lot easier on the clients when they are not told on the day of Settlement "lender didn't sign off on the deal" or "lender moved the settlement date out" We know and understand that the lender I am referring to has 3 different entities that the Discharge process goes through.

For me - I am happy to work as a team with the Banks - they have to be less flexible than small businesses because of the volumes of transactions - and the guidelines are a way of putting it out there - that they are trying to adhere to them too !

Well done ANZ for being pro-active and having guidelines !!

LawyersConveyancing · ‎04-05-2018

Thanks @nakatos, I know that my staff will be most relieved if the expectation that the legal representative is to provide the bank with the borrower's Discharge Authority is removed from the ANZ guidelines.

I would also suggest the removal of subtle implied "requirements" regarding surplus funds and the legal practitioner's role regarding funds shortfalls, as these are issues for the bank to deal with.

By removing these the guidelines become guidelines for the bank's staff to follow, and not de facto directives for legal practitioners to comply with.

On the shortfall of funds issues, I would like to emphasise that we tell our clients that it remains, at all times, their responsibility to ensure that the bank has sufficient funds to cover all that is needed at settlement. Thus, it is incumbent upon the borrower to work with their loan manager and their mortgagee to ensure that there will be no shortfall at settlement.

It is not up to the legal practitioner to manage the borrower's funds or to co-ordinate borrower and bank.

Peter Mericka

Lawyers Conveyancing

VanessaTait · ‎22-06-2018

This is great. It would be helpful to have a list of each banks requirements in one pdf or in one place rather than each individual bank as it is time consuming to find as the Community is not really user friendly.

EmilyBilling · ‎22-06-2018

Hi @VanessaTait you can find a list of all the banks who have provided their transfer tips in one location here. You can also find it in the Help Centre along with other Help categories.

LawyersConveyancing · ‎22-06-2018

Am I the only one who does NOT believe that it's helpful for banks to tell us how we should assist them to perform their own internal tasks at our expense?

Really, why can't the banks look after their own "requirements"?
How about this for a fair deal:

- I won't ask the bank to use their staff and resources to assist the borrower to complete and deliver my costs disclosure and engagement agreement for me.

AND IN RETURN

- The bank will not ask me to assist their customer to complete and deliver their Discharge Authority for the bank.

Peter Mericka

Lawyers Conveyancing

DMc · ‎30-07-2018

Is there an ANZ PEXA preferred number to call, if these guidelines are not being upheld?