on 20-09-2018 11:06 AM
Could you please give us some estimated dates on when the SRO complex transactions will be available to complete on PEXA?
on 20-09-2018 11:19 AM - last edited on 20-09-2018 11:21 AM by Aoife
I can address question number 1 from your post regarding Land Tax payments via BPAY. We are aiming to resolve this common issue in 2 ways.
Firstly, electronic payment methods are currently being added to the Section 105 Clearance Certificate to enable both BPAY and Credit Card payment, which will remove the requirement for manual paper based cheques at settlement. It is expected that this change will be available later in November of this year.
Further changes are also currently being developed collectively by PEXA and the SRO, to enable electronic disbursement of land tax clearance liability via BPAY from within the PEXA workspace at settlement. This will also include relevant payment allocation rules interacting with SRO systems. It is hoped that this can be available earlier in 2019.
I hope this clarifies,
on 20-09-2018 11:34 AM
Hi @heinzpartners - Jill,
We are currently working together with LUV and PEXA to enable our systems to support electronic lodgement of complex duty transfers. These complex categories are explained and listed in our recent website news story
Complex Duty assessments are not in scope of the 1 October 2018 mandate, however expected to be available for the next mandate milestone in August 2019.
on 20-09-2018 11:47 AM
@TonyaDixon the aim for the bank is to enter loan payouts and loan proceeds by 10am on the day of settlement and sign FSS at the same time. At an FI industry level we do this quite well, with the large majority completed within those timelines. Whilst occasionally we miss the timelines due to human error, this timeline is generally missed for legitimate reasons such as the following:
From a bank perspective, the keys to a free flowing settlement is:
If the above is adhered to, the rest will flow and less settlements will roll over. Ultimately we want a customer to have the keys to their home at the scheduled/expected time.
It's also important to note that more settlements are able to proceed on the settlement date requested, that would previously have been pushed to another day in the paper settlement environment.
on 20-09-2018 11:58 AM
We have a VIC purchase matter that will be settled on PEXA and just wanted to know when do you do the stamp duty for it on PEXA, noting that it will be a cash settlement? Do you do it before the settlement or after?
That is, as on paper, VIC stamp duty is usually done after settlement but since it will be done via PEXA, what is the stamp duty process?
on 20-09-2018 12:13 PM
on 20-09-2018 12:20 PM
Thank you for raising your concern.
We measure guideline adherence and provide reporting into the major Financial Institutions on a weekly basis.
As per Guideline 18a within the Transfer Guidelines, the Mortgagee on Title should submit the final payout figure no later than 10am on settlement day. While financial institutions are always striving to improve performance, we can share that this metric is being adhered to in the majority of Workspaces. There is a concentrated effort to drive towards 100% in this space. You can read more in bank blog #2 here.
You will also note in bank blog #3 here the scale of the change being undertaken by the major banks as well as ongoing initiatives and progress.
However, while we are closely monitoring and reporting on this we appreciate this may not be inline with your experience and we'll be in contact for specific details to further assist you.
on 20-09-2018 12:38 PM
on 20-09-2018 12:38 PM
Please see Land Use Victoria Customer Information Bulletin 182 for more information on mandatory electronic lodgement - 1st October 2018. These set out the Registrar's business rules to ensure your lodgement expectations can be met.
Link here for all Customer Information Bulletins: https://www.propertyandlandtitles.vic.gov.au/customer-information-bulletins
If you have any further questions please continue to post in this thread.