St George 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.
It is also recommended that you obtain a copy of the Discharge Authority and upload this into the PEXA Workspace as soon as possible.
Business Customers – Customers with a Relationship Manager will provide the Dischare Authority to the Relationship Manager. Customers without a Relationship Manager should send Discharge Authority to the email address provided.
PEXA Invitation Request
Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement (15 days should be an exception as we would normally expect to see the invitation approximately 30 days prior to settlement).
Please advise St George Banker/Relationship Manager that the deal is going to be processed in PEXA and provide PEXA Workspace ID.
St George Payout Process
We aim to provide indicative payout figures 48 hrs prior to settlement.
Payout Figures added to a workspace are indicative until the financial settlement schedule has been signed off.
Final Payout Figures are confirmed on the morning of Settlement.
Payout figure will be confirmed on the morning of Settlement.
St George will send a conversation on the morning of settlement to advise of any delays.
St George only manages surplus funds if the customer has nominated an account on their Discharge Authority.
Withdrawing from PEXA
If any party cannot progress in PEXA, as per the Transfer Guidelines please ensure that a clear reason is given via the Conversation tool as per the reason for the withdrawal.
Note: If withdrawing from a workspace it may cause delays with a paper settlement (where this is still allowed – dependent on jurisdictional requirements).
Transfer - Purchase (Incoming Mortgagee)
How to initiate a Purchase request:
Please ensure an invitation request has been sent as early as possible or at least 15 days prior to settlement (15 days should be an exception as we would normally expect to see the invitation approximately 30 days prior to settlement).
Information required ona 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/ CT Reference
Application number/reference number/account number/docuPREP number
If the Deal is a Commercial or Residential Home Loans
St George will accept an invitation and if a customer file cannot be located, a conversation in PEXA will be sent requesting additional information which could delay the settlement.
Please note that FMS acts on behalf of St George Bank for all new home loans
Please advise St George Lender/ Broker / Relationship Manager that the deal is going to be processed in PEXA and provide PEXA Workspace ID.
For deals outsourced to a Panel Solicitor invite may be redirected accordingly.
Preferred Settlement Times (AEST/AEDT)
St George do not have preferred settlement times.
Transfer of Land (TOL)
Please ensure the TOL document is prepared as soon as possible or at least 5 business days prior to settlement.
Total Funds Required for Settlement
Please provide total funds required for settlement as soon as possible in a conversation or at least 24 hours prior to settlement.
St George Loan Proceeds
Loan Proceeds will be finalised and confirmed by St George /FMS once funds available has been calculated internally – there is no set time-frame for this – it can occur anytime from Invite acceptance to the day of settlement.
Source funds are confirmed on the morning of Settlement
St George/FMS will send a conversation on the morning of settlement to advise of any delays.
Shortfall of Funds
Shortfall of funds will be finalised and confirmed by St George once funds available has been calculated internally – there is no set time-frame for this – it can occur anytime from Invite acceptance to the day of settlement.
Day of Settlement
Please have your documents and your adjustments on the financial settlement schedule finalised and signed at least 2 hours before settlement.
Any amendments made to the financial settlement schedule (post practitioner adjustments being signed off) will result in St George needing to re-confirm loan proceeds available which could result in settlement delays.
St George/ FMS will send a conversation on the morning of settlement to advise of any delays.
Please leave a comment or question below if you have found this useful, or if you would like further information.