Australian lenders were successful in settling 86.1% of property sales on the first date (SFD)
Customer-owned banks performed the strongest, with an average SFD of 89.2%, followed by Foreign-ADIs on 88.2%.
SFD results varied by state, with lenders in Victoria recording the highest average at 87.6%
Queensland followed closely on 87.4%, while lenders in South Australia trailed the other states with an average result of 81.0%.
Customer-owned banks topped other lenders for SFD in NSW & WA in the Jun-22 quarter, with Foreign ADIs leading in VIC & SA, with Major banks ahead in QLD.
Nationally, practitioners were successful in settling 85.6% of settlements on the first date
This was similar to the comparable lender result of 86.1%. The highest Practitioner SFD was recorded in QLD at 87.4%.
This report is intended to provide useful and timely insights to optimise the settlement experience for all stakeholders involved in the transaction, and to help consumers move into their new home on time as planned. The report covers the 5 mainland states; New South Wales, Victoria, Queensland, Western Australia and South Australia, for both residential and commercial property (our analysis excludes TAS, ACT & NT). As of Jun-22, over 85% of sale settlements nationally were lodged via PEXA.
In order to measure the on-time-settlement performance of participants involved in the settlement process, PEXA has developed a metric called Settled First Date (SFD). This metric has been used to assess the performance of both lenders and practitioners (with practitioners being property lawyers or conveyancers).
SFD measures the percentage of total sale settlements for each participant group that successfully settled on the scheduled day via the PEXA Exchange. The metric is designed to align with buyers’ expectations of taking possession of their new property on the agreed settlement date.