Queensland pricing update | October 2020

[Morvanna]

PEXA is dedicated to supporting firms transacting digitally in Queensland. As part of this commitment to the state’s members and industry, PEXA has provided a 50% pricing discount on Transfers, Priority Notices and Transmissions related to Queensland properties – with this offer concluding on 31 December 2020.

After this point, from 1 January 2021, QLD transactions will re-align with PEXA’s national pricing.

To help you prepare for this change, we’ve compiled a list of FAQs which you can access below:

When is the pricing offer ending?

• In support of industry, PEXA’s 50% discount on fees for Transfers, Priority Notices and Transmissions related to Queensland properties remains in place till 31 December 2020.
• After this date, the offer will no longer run, with PEXA fees in Queensland reflecting our national pricing schedule moving forward.
• This date was first communicated to members on 1 September 2020, ensuring practitioners were provided ample time to prepare.

Why is the pricing offer ending?

• Since November 2019, a 50% pricing discount has been provided to all Queensland members to assist with the industry’s adoption of digital settlements and support the network through its ongoing transition.
• PEXA has extended the duration of this offer to run until the end of 2020, in support of industry and in light of the exceptional year we’ve experienced.
• We appreciate that the ongoing operational change for firms and the industry as a whole is significant and running dual processes is not ideal.
• The 50% discount on fees was one way for PEXA to help members navigate this challenge and the challenges presented over recent months.

What happens if a Workspace is opened during the campaign, but settlement is executed after 31 December 2020?

• The Workspace must settle within the campaign’s time period to receive the discount. If the Workspace is created during the campaign period but settles or rolls over to settle outside the campaign period, standard PEXA fees will apply.

What is PEXA doing to support members in Queensland moving forward?

• Though PEXA has been supporting members in Queensland with a pricing discount throughout 2020, we’ve been providing free on-the-ground support for members in Queensland since 2015, and we remain committed to assisting practitioners with their transition to digital settlements in this way.
• As digital settlement volume has increased in Queensland, PEXA has dedicated additional support and training to help ensure the network is best supported.
• The market has progressed significantly in recent months, which is testament to how members have embraced change, particularly in the difficult recent months as a result of COVID-19.
• PEXA will continue to support the Queensland community moving forward, by maintaining our extensive team of local, on-the-ground experts, providing a wealth of free digital learning materials courtesy of our training team, continuously enhancing the member experience and collaborating with practitioners, financial institutions, representative bodies, regulators and government to advance online settlements for the industry and consumers alike.