The past few months have seen an acceleration from Western Australian lenders as upcoming transformation dates approach - preparing for 100% digital transactions.
The WA market will be the first state in Australia to move all eligible transactions online at the end of this year. As a result, lenders operating in Western Australia’s property market have boosted their engagement with PEXA. What a momentous achievement for the entire industry!
Many WA lenders are completing high volumes of transfer transactions each week. The rest are heading in the same direction and adapting their processes to meet upcoming compliance deadlines – in particular, 1 August which is just around the corner.
Bankwest’s Executive Manager Digital Operations Strategy, David Morrissey recently spoke to PEXA about their progress towards total online transactions, saying:
“Our goal is to transact online whenever possible with the lawyers and conveyancers who have made the switch online to bring property consumers a seamless digital experience through the PEXA platform.”
With 4,074 practitioners now engaged with PEXA and 383 representing clients in Western Australia, it won’t be long before David’s goal will be matched with increased volume.
To find a financial institution and the corresponding transactions you can perform with them or their representative, use the PEXA Qualifer Tool.
I look forward to what the next few months will have to offer!
If you have any questions, please don’t hesitate to ask me in the comments section below.
Until next time,
Tracy Longo, General Manager Operations
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In December 2016, Landgate announced a comprehensive timetable to transition Western Australia from paper to electronic settlement and lodgement, committing to a final date of 1 December 2017.
The first stage of this transition happened on 1 August 2016 when all Authorised Deposit-Taking Institutions (ADIs) and their representatives were required to lodge standalone mortgages (subject to the NCCC) and discharge of mortgages, electronically. This year, the following dates and corresponding requirements will be implemented to reach 100% online transactions.
1 August 2017
All commercial standalone mortgages will need to be lodged electronically by ADIs.
Refinance transactions in WA must be lodged electronically (ADIs and non-ADIs inclusive).
1 October 2017
Eligible* standalone transfer transactions, caveats and withdrawal of caveats will need to be lodged electronically in WA.
1 December 2017
Any lodgement case containing eligible* discharges, transfers, mortgages, caveats and withdrawals of caveat will need to be lodged electronically in WA, regardless of whether the mortgage is consumer or commercial.
*Eligible land registry documents are defined as the documents that support transactions that can be completed using the existing Electronic Lodgement Network where all the participants are or can become subscribers.
Banks prepare well in advance
In preparation, many lenders will commence initiating invitations for settlements in Western Australia - proactively opening PEXA Workspaces and sending invitations to other participants for transfers.
In August 2016, St. George piloted this process in Victoria, followed swiftly by New South Wales. As a result of the pilot’s success, other lenders have chosen to adopt the same approach. The industry acknowledges this as a subtle variation to industry practice. However, this approach will allow lenders to fine-tune processes in the lead-up to 1 December through a gradual increase in online settlement volume.
Over 75% of lawyers and settlement agents in Western Australia, as well as 100% of financial institutions transacting in WA now have the ability to transact online. This initiative will support the entire network to prepare their businesses for e-Conveyancing.
Jack Boyle of Challenge Settlements (@JackChallengeSettlements) and Leisa Norrish (@Leisa) of Norm Hart Settlements had this to say about the new approach:
“What a great initiative! Lenders sending invitations provides certainty that they’re willing to transact. It also confirms which solicitor is acting. We had Mortgage Settlements Australia send us an invitation for a Macquarie property purchase being funded via Perpetual. As a result, funds available were available 14 days in advance of settlement and there was no need to call the vendor’s settlement agent for the date and time as it was all confirmed online – a fantastic experience overall” – Jack Boyle
“Banks sending invites will benefit us all. They will improve their processes, become more efficient and broaden the dialogue between banks and practitioners - just in time for 1 December.” – Leisa Norrish
Is your business ready?
You can use the Pathway to PEXA Certification to check if your business is ready to accept settlement invitations.
The e-Conveyancing network is also using the following free support services to prepare their businesses for 100% digital property transfers.
PEXA Direct Specialists
PEXA Direct Specialists are experienced lawyers and conveyancers who come to your office and guide you through the PEXA registration process, assist you to adapt your business to e-Conveyancing and successfully complete your first online transactions. You can contact Angella.Chick@pexa.com.au to enquire about a PEXA Direct Specialist for your firm.
PEXA Certified Program
This program is an open certification hosted on community.pexa.com.au. Your PEXA Direct/Virtual Specialist guides you through this four-module program. On completion, each member becomes PEXA Certified and will be a competent PEXA-user.
The e-Conveyancing Community is an online space where you can ask questions, share feedback and get answers from other lawyers and conveyancers, as well as industry experts and PEXA specialists. Many lawyers and conveyancers are already PEXA pros and can help you with your business’ transition online at community.pexa.com.au.
PEXA’s highly trained and dedicated Support Centre is a one-stop-shop for PEXA members requiring assistance. If you are unsure of who to contact regarding any aspect of e-Conveyancing, including system set-up, workspace support or technical troubleshooting, contact the support team on 1300‑084‑515.
If you have not yet registered for PEXA, contact email@example.com to start the process today.
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What a whirl wind 2 days it was this week for @TheresaTing and myself in the towns of Dubbo and Mudgee. I would like to take this opportunity to thank the numerous firms we meet during our road trip. Your hospitality was overwhelming and we are so grateful for having so many wonderful firms transacting in PEXA. The towns adoption of PEXA into their business practices should be commended. Both towns have truly embraced the digital era with enthusiasm and excitement. It was great getting everyone together at each hosted cohort event so ideas and experiences could be shared across the community. There were definitely some inspirational discussions highlighting how many firms have made PEXA part of their everyday business. I was blown away to see so many PEXA brochures on reception counter tops and the PEXA window sticker predominately displayed everywhere in both towns. Mudgee can proudly claim the honors to be the first town to have 100% of firms registered to transact in PEXA. From both myself and Theresa, we again wish to thank both towns for being such amazing ambassadors and look forward to continue working with you all as the industry moves to 100% digital. Regards Tracy
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Welcome Sonia to PEXA's South Australian team.
I have no doubt practitioners will love having you work with them to support their transition from paper to
The SA market is in good hands.
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South Australia's go live was so successful @nicholabaker and @Josh struggled to keep up with the demand for support as numerous excited conveyancer's reached out for assistance opening their first PEXA workspaces.
It was great to hear Nichola so elated by the vibe in South Australia. She bounced back into the office on Monday both motivated and exhausted.
When I asked her what was her highlight for the week her response said it all 'It was so amazing to work with so many energised, positive, excited, motivated practitioners ready to embrace electronic conveyancing.'
Sir Torrens would be so proud of South Australia.
Don't suffer from FOMO register now www.pexa.com.au/register
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