CUA Transfer Checklist | Help Centre

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CUA have provided the following information and tips when completing a transfer as vendor or purchaser with them. Please let us know in the comments if this is helpful, and if there is further information you'd like added.

CUA Phone Line – Settlements

If there is an issue with a digital settlement and it is:

1. Inconsistent with the checklist below; 
2. Inconsistent with industry guidelines; OR
3. It is an issue related to bank requirements for processing in the Workspace on day of settlement,

Please call the settlements line number:

• CUA SETTLEMENTS LINE 133 282, opt 2, opt 2, opt 2.
  … all other queries are to be communicated via the PEXA Workspace.

Transfer - Sale (Mortgagee on Title)

How to initiate a Sale Request

• Please provide or advise the client to complete the Discharge Authority – this document is to be provided to CUA via upload to the PEXA Workspace.
• The CUA Discharge Authority form is available on request from:
  • CUA Branches
  • The Members CUA Lender
  • CUA 1300 767 539

Note:

• The Discharge Authority is required to be uploaded to the PEXA Workspace. Delays in settlement will occur if the Discharge Authority is not provided to the Files tab in the PEXA Workspace.
• It is critical that the tick box in PEXA is selected to notify when the Discharge Authority has been shared with CUA.

PEXA Invitation Request

• Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement with the following:
  • Loan Account number
  • Borrower's name (if different from the Property owner)
  • Completed Discharge Authority (if able)

Note:

• Invitations without the above information or where settlement is set less than 15 days may impact settlement.
• If CUA is acting as ‘Mortgagee on Title’ and ‘Incoming Mortgagee’, please ensure two separate invitations are sent, one for each role.

  Preferred Settlement times: (AEST/AEDT)

• 12pm – 2pm (Eastern States)
• 11am – 1pm (Central & Western States)

Document Creation and Settlement acceptance

• Once the Discharge Authority has been received please allow CUA 5 business-days to review – CUA will to confirm the correct discharge authority has been provided.
• Once reviewed, CUA will load the respective settlement documents and accept the settlement date/time.
• If CUA have accepted the settlement date/time and created the discharge of mortgage documents, a conversation is not required to confirm if we have received the Discharge Authority.

CUA Payout Process

• CUA cannot provide an indicative payout figure
• All payout figures are entered as final figures, reviewed and signed on the morning of settlement as close as possible to 10am (AEST/AEDT) in order to meet settlement times.
• CUA will send a conversation on the morning of settlement to advise of any delays. Please do not escalate unless final payouts are not in the PEXA Workspace post 10am the day of settlement.

Surplus Funds

• CUA’s preference will be for their member’s legal representative to manage all surplus funds, if this is not possible CUA will only be able to manage surplus funds if the member has provided a nominated account on the Discharge Authority. 

Same Day Settlements

• CUA require a phone call via our Settlements Team for same day settlements to confirm if we can accommodate.
• Amending the settlement date and time in PEXA on day of settlement without confirmation from CUA can result in settlement delays

Withdrawing from PEXA

• Withdrawing from a Workspace to proceed with a paper settlement (where the jurisdiction permits) may cause further settlement delays.
• Please ensure a clear reason for the withdrawal is provided via the Conversation tool.

Transfer - Purchase (Incoming Mortgagee)

How to initiate a Purchase request:

• Please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant member information is provided upfront to avoid settlement delays.

  Information required on a PEXA invitation

• When sending an invitation please include as much information about the member as possible. As a minimum include the following:
  1. Full name of the member/s
  2. Address of property
  3. Application number / reference number / account number

Note:

• CUA will only accept an invitation if the member can be identified by CUA.
• Where we have identified the member but the above information is missing or incorrect, a further conversation will be sent in PEXA which may delay settlement.

  Preferred Settlement times: (AEST/AEDT)

• 12pm – 2pm (Eastern States)
• 11am – 1pm (Central & Western States)

Transfer of Land (TOL)

• Please ensure the TOL document is prepared as soon as possible, preferably at the time of Workspace creation, or at least prior to executed loan documents being returned to CUA to avoid any delays to settlement

Progression of Workspace

• CUA will update Workspace participants by utilising the tick boxes on the Workspace Summary page, it is important to note the following re: progression of the loan and settlement.
  • Loan Documents Sent, tick box – indicating CUA have reached Full Approval, Loan documents issued to member
  • Loan Documents Received tick box – indicating CUA have received the signed loan documents and are beginning the 2-4 day certification process
  • Settlement Date/Time accepted – indicating certification has been completed and all loan conditions have been met

Note: If loan documents have been returned incorrectly a conversation will be issued to all Workspace participants it will be the CUA Lender/Broker’s responsibility to rectify any outstanding issues, once rectified the settlement date/time will be accepted.

Funds Available for Settlement

• CUA will update the source tab with loan funds available once ready to settle (post certification) –in all instances this will be 2-4 days after loan documents have been returned to CUA.

Total Funds Required for Settlement

• Please provide total funds required including all fees e.g. Registration fees, Solicitor fees for settlement as soon as possible or ideally 2 days prior to settlement.
• PEXA Update December 2020: If a workspace is settling using the new Enhanced Settlement Summary (currently being rolled out via a phased deployment) TFRS will not be required. The alternative requirements are to agree funds due for settlement and select ready for shortfall or surplus. More details are available here: community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Summary/ba-p/20957 . CUA will be updating this checklist to reflect the new ESS process in early 2021. 

CUA Loan Proceeds

• Loan Proceeds will be finalised and confirmed by CUA on the day of settlement.

Customer's equity required at settlement

• When loan documents are received and verified, CUA will note on the Settlement Summary screen in PEXA that we hold a member authority to debit customer's equity along with the last 4 digits of the account number – CUA will have an account for customer equity in all instances.
• Ensure the client has sufficient funds in their nominated account at least 48 hours prior to settlement to avoid settlement delays.
• CUA will update the members equity contribution on the morning of settlement prior to 10am providing total funds required for settlement have been provided.

Day of Settlement

• Please have your documents and your adjustments on the financial settlement schedule finalised and signed at least 4 hours before settlement.
• Any amendments made to the financial settlement schedule (post CUA or practitioner adjustments being signed) will result in CUA needing to reconfirm loan proceeds available which could cause settlement delays.

Note: CUA will send a conversation on the morning of settlement to advise of any delays.

Same Day Settlements

• Home loans: CUA require a phone call via our call center 133 282, opt 2, opt 2, opt 2. for Same Day settlements to confirm if we can accommodate.
• Amending the settlement date and time in PEXA on day of settlement without confirmation from CUA can result in settlement delays.