There’s certainly work going on in the background on this. However, with expanding the PEXA Source Account to other roles, the biggest road blocker is that the account currently used for Purchaser side transactions is only set up for that specific and limited purpose, so it’s not as simple as just technically enabling the same account for the Vendor side. The operational changes and considerations to make this change happen are more significant than the work required to actually build the feature into the platform. At this stage we are not ready to commence build work until all operational matters are resolved and we will provide updates here when there is something more substantial to report back with.
We do understand that this is a significant pain point for a segment of the industry. Whilst we have not scheduled this change yet for a future release, there are existing funding options for PEXA transactions which can be used today:
- Funds can be provided via a registered trust account for all practitioner roles
- Where a practitioner does not operate a trust account, funds can be provided by the PEXA Source Account in the incoming proprietor role
- Purchaser funds can be provided by the incoming mortgagee if it holds authority to debit the purchaser’s account
- In certain circumstance, funds can be provided by a bank in the source funder role
Ames
