About BytheBay

I agree completely! .. the banks must also be consistent around their entering of information in the FSS    You know the loan proceeds amount .. load this amount -- DO NOT include the client equity in the loan proceeds amount .. it distorts the truth ... load the exact FUNDS AVAILABLE amount .. then the IP can be advised how much will come from their account .. otherwise .. who knows??   IM - DO NOT calculate funds based on 'amount to balance'  - when you are ready to enter figures this does not mean that the other parties have completed their parts ..  balance it against the amount that the amount the practitioner for the IP tells you .. that will be more accurate ..    Yes enter funds for Land registry fees .. but get it right .. don't just show what the workspace might show at a given time .. work it out .. you know if there is a OM and that you need to include the outgoing DM fee  plus your own IM fee!! (lesson for NAB there!).   Yes enter funds for stamp duty .. you know if your own client is claiming an exemption or not .. and the duty is usually verified by the practitioners DAYS out from settlement so you will know how much this will be and it will show in the fee schedule .. don't leave this to the day of settlement and prudently change your figures!   ... View more

Hi Clarkee .. yes my idea about SHARED FILES would be similar to the unread conversations tab .. though it would be useful to show "unread or unseen"counter to more readily know there is a file waiting to be checked or downloaded .. ... View more

Hi Sonia .. keep up the good work then .... it would be great if all the other banks would put similar effort into making improvements of their own! ... View more

This thread has a few comments regarding ANZ poor performance but they are not the only one .. my recent experience with HSBC is horrendous .. a complete lack of understanding that they simply cannot do things on the morning of settlement ---  such as loading funds or showing the purchaser equity contribution .. by all means wait until the morning of settlement for funds to be made 'ready' but banks need to show the financials so it can be seen by all that the FSS will balance off when funds are made 'ready'.  And the number of times bank processes are still asking for paper documents .. Victoria has been mandated since October .. 2 months down the track this should not be happening at all!!  Above all - answer conversations - the conversations are usually directly related to the reasons for the complaints around issues of bank's poor practice and performance.   A reduced 30 minute roll-over time is 'better' but in my experience banks are using this to their advantage as the impact to the other parties is no longer 90 minutes and a 30 minute delay is somehow ok as its impact is lessened.  A settlement time is a settlement time .. work practices require better workspace management by all parties to ensure workspace readiness by the required time.  Again - use the conversation ... banks have a responsibility to notify a known delay just like all other parties to the transaction. ... View more

when is the unread conversation counter going to be re-activated? ... View more

Please also put the purchasers date of birth on it do it complies with legislative requirements for it to acceptable by councils - then allow it to be emailed directly from docs to councils.  ... View more

The Vic mandate is with us .. so banks get your processes right!  Westpac signing off at 1.10 for settlement booked for 11.00 is totally deplorable -- as you were the linked transaction bank you caused two other settlements to fail --- not once today but twice!!     Why is it that banks now appear incapable of providing settlement figures BEFORE settlement (you could in the paper world) - processes that dictate this is only provided on the morning of settlement is not acceptable.  Processes that dictate that you will not sign documents until the morning of settlement is also not acceptable ... any signing/completion needs to be done well ahead of settlement.   Banks also need to get pro-active with advising the representative on their side of any issues .. its called a "conversation" tool for a reason!   I have had a good experiences with Liberty Financial .. they make sure their work tasks were completed well ahead of settlement. ... View more

We should be at the point of “ending paper” not “starting pexa” by now!    We should not be seeing “your settlement is in one hour - workspace is not ready “ ready by now!   all participants - banks particularly - need to ensure they complete workspace tasks at least  BEFORE one hour from settlement - banks could do this in the paper world - giving payout figures and confirming loan proceeds at least 2 days before settlement (when we had to rely on cheques - but it shouldn’t be any different in the electronic space. Parties simply cannot prepare and finalise matters while the banks think it’s ok to do thing “the morning of”. - this may suit bank to bank refi’s But it cannot be best practice in a vendor/purchaser settlement. Banks must accept they have responsibilities to their borrowers / but also to the other participants in that workspace  - there must be more communication by banks and s commitment to the settlement time/date which is to be considered “Agreed” when accepting a workspace invitation initiated by the vendor/purchaser. / if this no longer is achievable  a party (bank or practitioner) should propose a new time.  Roll-overs from inaction or poor matter management cannot be acceptable.  An attitude by banks that settlement can be “anytime because the platform will re-schedule itself” is not best practise or in line with the vrndor/purchaser expectations or indeed contractual obligations  ... View more

I have submitted this before as a "raise an idea" --- that if attachment could be made to the "settle" notification email that is available via "property information" then the could be sent directly from the workspace .. via input of the council water email address ....   as a secondary issues (also raised) .. the "property information" screen needs to be able to remember email addresses for quicker re-keying of addresses used more than once - such as council / water / agent - even clients as they may appear across multiple workspaces. ... View more

Whilst this function is great .. can you please revert back to using the PEXA header in the emails?   and secondly .. can you make the system remember email addresses previously used so that these do not need to be typed fresh each time .. as the same client email may be used across multiple workspaces and the agent, especially, may be a used repeatedly across workspaces .. this would save a lot of time and re-entering data. ... View more

Question .. does the new 'in workspace' settle me sign up process apply also to corporate parties (previously unable to be sent for a company).  And will there be any sign up issues for the party if they had a SettleMe under the old system? ... View more

Banks NOT being ready... loading funds and making ready at 2.45 for a settlement marked for 2.30pm is not good enough .. having to spend time on the phone chasing both the electronic team and the banker to get the workspace ready in time is not good enough -- especially when it takes 20mins each phone call to get through to someone to deal with issues the bank should be on top off .. the settlement time/day is known to the bank .. and more needs to be done to ensure that fulfillment is done BEFORE the settlement "deadline" .. not after it .. settlement is not "anytime" it is the time set and agreed by the parties .. usually at the time the workspace is opened ..  ... View more

Thanks Sonia for your reply.   It was most refreshing to see a “result” in the workspace .. and completed so promptly ..     Most of the time our (conveyancing practitioner) experience with banks is 'generally' quite negative .. I would say keep up the good work and hopefully the other banks will follow your lead and their and improve their response times and work towards more timely fulfilment -- most banks' fulfilment has much room for improvement!   Thank you. ... View more