As per industry guidelines and to ensure settlement proceeds on nominated date, PEXA invitations should be sent no later than 10 day prior to settlement date.We will respond within 2 business days.For cases where bank interests are represented by Panel Solicitor, PEXA invitation should be forwarded directly to that Solicitor Firm.
Our preferred settlement time for electronic settlements is 11am to 3pm, Monday to Friday.
If you are not able to progress PEXA settlement where Transfer is mandated to be lodged in PEXA, Westpac will require the completed official exemption waiver form to be provided prior to settlement.
Please use PEXA conversation tools to contact us if there is an issue with a digital settlement. Westpac response time for PEXA conversations is 8 business hours or 4 business hours if settlement is in 2 business days or less.Please do not respond to a conversation requesting completion of a task if the task is completed and visible in the workspace.
If an issue is related to bank requirements for processing in the workspace on day of settlement, or escalation is required for NSW CoRD production, please call the settlements booking hotline, Monday to Friday, 8:30am to 7pm EST
Attach a copy of completed Discharge Authority to PEXA Workspace when invitation is sent, or as soon as possible
WBC Payout Process
Indicative Payout Figures added to a workspace as soon as practicable and should be treated as indicative until the financial settlement schedule has been signed off
The bank will endeavor to provide final Payout Figures by 10am on the morning of settlement.However, for some fixed rate loans and commercial loans the Payout Figure may not be available until later time.
Please do not escalate unless final payouts are not in the PEXA workspace post 11am the day of settlement.
Surplus Funds WBC preference is for the practitioner to manage any surplus sale funds in PEXA
Transfer - Purchase (Incoming Mortgagee)
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
Total Funds Required for Settlement and Shortfall
Please advise total funds required for settlement, including all purchase line items at least 5 business days prior to settlement
Prior to the day of settlement, Westpac will confirm if customer authority is held to debit an existing Westpac account for shortfall. Where there is no authority for shortfall held by the bank, the Incoming Proprietor must create a source line item in the Financial Settlement Schedule
Day of Settlement
Please have your documents and your adjustments on the financial settlement schedule finalised and signed at least 4 hours before settlement
One hour prior to settlement time verify if Westpac finalised and signed financial settlement schedule, and PEXA workspace is in ReadyReady status
30 min after settlement time verify settlement completion
Consent for Standalone Transfer and Other Title Dealings
PEXA CoRD (NSW) or PEXA Nomination (Victoria) are required to provide permission for a party to alter the title particulars, register subdivisions, standalone transfers, leases or other transactions.
Prior processing PEXA Consent matter, the request for consent must be received and assessed by Westpac in paper/email form.
When submitting your written request (paper or email) please include PEXA Workspace ID
If applicable, complete required PEXA document (eg, Transfer) to which Westpac is asked to consent
Note: CoRD or Nomination will only be completed after the consent assessment process is completed and all required paperwork received.