NAB 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)
1. How to initiate a Sale Request
NAB will engage the Business banker once the invite and Discharge Authority has been received. Please also advise the Customer to engage with their business banker to advise of the Sale settlement. The Business banker will need to be involved in order for the settlement to proceed.
PEXA Invitation Request
- Please ensure the PEXA invitation is sent as early as possible or at least 10 days prior to settlement.
Note: Invitations received within 10 days of the proposed settlement will be accepted, however, NAB will provide clear communication at the time of acceptance whether the settlement will be re-scheduled to a later date or what is required to ensure the proposed settlement date can be met.
2. Accepting Settlement Date/Time – NAB Discharge Authority verification completed & ready to proceed with settlement.
The NAB Discharge Authority must have been received or provided at least 10 days prior to the proposed settlement date. Verification of the Discharge Authority can take between 6-10 days depending on complexity, which is why following up the Customer to ensure the DA has been sent to NAB is crucial. NAB will only accept the Settlement Date and Time once verification of the Discharge Authority is completed.
NAB uses the document check box in the Workspace Summary screen to indicate clearly whether the DA has been received. It would be appreciated if you could follow up with the Customer to complete and send the Discharge Authority if this hasn’t been ticked as this will delay settlement.
NAB will indicate via a conversation of any document verification delays and clearly articulate any action or outcome as required.
3. Completing Financial Settlement Schedule – NAB Ready/Ready
NAB Payout Process
- Final Payout Figures are confirmed and signed on the morning of settlement by 10am (AEST/AEDT)
Note
- Please do not escalate or send conversations relating to payout figures unless the Transfer guidelines have been breached by NAB.
- Payout Figures added to a workspace are indicative until the financial settlement schedule has been signed off
- Business Customers
- NAB is required to confirm the final payout figure with the Business banker prior to sign off and any delays will be communicated via a conversation.
Surplus Funds
- Please advise through conversation if NAB is to manage surplus funds a minimum of 48hrs prior to settlement
Transfer - Purchase (Incoming Mortgagee)
1. 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 as possible and as a minimum include the following:
- Full name of the customer
- Address of property
- Application number/reference number
Note: NAB will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.
Note: Invitations received within 10 days of the proposed settlement will still be accepted, however, NAB will provide clear communication at the time of acceptance whether the settlement will be re-scheduled to a later date.
2. Accepting Settlement Date/Time – NAB Document verification completed & ready to proceed with settlement.
There are two key steps that must be completed before NAB is ready to proceed with settlement as per below:
Customer Contracts/Mortgage Documentation:
The customer must have returned their documents at least 10 business days before the proposed settlement date.If the documents are not received within this timeframe, NAB cannot officially accept the proposed settlement date/time and NAB will likely recommend the settlement date be pushed out. NAB use the document checkbox indicators on the Workspace summary screens to clearly indicate whether Loan docs have been received.
Whilst NAB provide communications and follow up directly with Customers in , it would be appreciated if you could actively pursue the Customer and encourage returning documents as soon as possible if the checkbox is not ticked.
Transfer of Land (TOL)
- Please ensure the TOL document is prepared at least 10 business days prior to settlement
- The above 2 activities are mandatory to enable NAB to perform the verification tasks required to officially be in a ready state which is demonstrated by NAB accepting the settlement date and time in PEXA. Verification can take between 2-5 days depending on complexity.
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- NAB will notify the Practitioner via a conversation if settlement date and time cannot be accepted and provide relevant reasoning and clear actions.
3. Completing Financial Settlement Schedule – NAB Ready/Ready
NAB is completely reliant on the Total Funds Required to Settle (TFRS)* value along with all payment directions and adjustments being completed by both the IP & POT at least 1 day prior to settlement to ensure an On-Time Settlement.
*TFRS = Total Funds Required to Settle, as agreed by both the Incoming Proprietor and Proprietor on Title. Includes the adjusted balance of purchase price, all registration fees, stamp duty, PEXA fees and professional fees.
NAB will always endeavour to work files 2-3 days in advance and would prefer to finalise the workspace at least 1 day prior to settlement only leaving a final sign-off on the day of settlement.
NAB Loan Proceeds
Where possible NAB will add Loan proceeds into the financial settlement schedule as soon as the invite has been accepted. The value added into the financial settlement schedule is indicativeand doesn’t include any Customer shortfall. Once TFRS has been updated correctly and NAB has confirmed shortfall if any, NAB will complete and sign off the FSS.
- Business Customers – Due to Business lending the final loan proceeds will be confirmed on the day of settlement. To ensure an On Time Settlement, please have TFRS and all adjustments completed 24 hours prior to the day of settlement with any specific instructions via conversation
NAB Settlement Support Line – 1300 552 688
If there is an issue with a digital settlement and it is:
- Inconsistent with the details outlined in the checklist above or;
- A breach of industry guidelines
Please supply the following information:
-Workspace ID
-Workspace Role and Customer details
Preferred Settlement times: 11am to 3pm(AEST/AEDT)
Please leave a comment or question below if you have found this useful, or if you would like further information.
