New National Mortgage Form - Terms and Conditions Formatting
When lodging a mortgage using the National Mortgage Form the formatting of additional Terms and Conditions is removed when saving / printing. For example, additional terms and conditions may be numbered paragraphs with a new line for each paragraph, but once saved all text is in one long string. Whilst the objective might be to produce a condensed / concise form there is a risk that future interpretation is hindered by the poor formatting.
Re: New National Mortgage Form - Terms and Conditions Formatting
Hi Shussel, thanks for the question.
The formatting of free text in the National mortgage is applied differently based on your Land Registries requirements.
Formatting is preserved in the following jurisdictions: • New South Wales • Queensland • South Australia
Formatting is removed from the following jurisdictions: • Western Australia • Victoria
In relation to the jurisdiction of Victoria (per your sample), the Registrar’s preference is for any complex terms and conditions to be registered as an MCP and referenced in the National Mortgage.
Furthermore in PEXA Release 7.0 (November 2017) you will be able to scan and attach Terms and Conditions to a National Mortgage in the Jurisdictions of South Australia and New South Wales, circumventing any challenges with accommodating Terms and Conditions that extend beyond the free text 4000 character limit currently in place.