Land Victoria is driving the property industry’s digital transformation to benefit financial institutions transacting in Victoria
PEXA congratulates the Victorian Government’s Land Victoria reform that assists the industry push to digitise property transactions and remove paper from the process.
Land Victoria has moved swiftly in response to the finance industry’s requirement to participate in a digital future.
The good news is that from 1 August Authorised Deposit Taking Institutions (ADIs) transacting in Victoria and practitioners acting on their behalf will only be able to lodge online all standalone discharges of mortgage and standalone mortgages governed by the National Credit Code.
“Government is supporting industry to make the transition online by spearheading this critical change,” said Mike Cameron, PEXA’s Chief Operating Officer.
“PEXA welcomes the opportunity to assist organisations in taking this and other necessary steps to move all types of conveyancing-based transactions online.
“This government-led transition to a digital future is part of the transformation of the entire, end-to-end conveyancing process, reforming the $6.4 trillion residential property market.
“Financial institutions and legal firms acting on their behalf might need some assistance to change their processes to be ready for the 1 August deadline. PEXA can help them make the necessary transition.”
The call to take property transactions online is borne out of the e-conveyancing initiative of the Council of Australian Governments – the nation’s peak intergovernmental forum – and collaboration of legal, conveyancing and banking peak bodies.
Other states are expected to transition to similar arrangements in the near future, further accelerating potential efficiency benefits for Australia-wide industry participants.
To discuss how PEXA can help your organisation to align to the industry transition, please contact Marielle Yeoh, Executive General Manager, Financial Institutions on
0404 443 496 or email Marielle.Yeoh@pexa.com.au.
