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A burger with the lot for ANZ

A burger with the lot for ANZ

The situation was always going to arrive; a transaction thought too complex, too difficult to process digitally. For ANZ and Suncorp (represented by First Legal), that transaction was coined the ‘burger with the lot’.

When the ingredients are broken down it’s easy to see why some might have been apprehensive. This transaction consisted of:

  • Settlement across two jurisdictions in Victoria and New South Wales;
  • Eight land titles;
  • Water Access Licenses shared via Doc Hub;
  • PPSR Release shared via Doc Hub;
  • Industry standard undertaking to enable exchange of water securities post settlement;
  • Linked lodgement of three workspaces; and
  • And a dash of trepidation to season.  

Instead of binning this and consuming a cheese burger (or easier transaction) both parties persisted, resulting in the first electronic transaction to settle using the industry standard undertaking (and plenty of other fillings thrown in). 

For Justine Tiller, Head of Home Loan Fulfilment, Releases and Retail Customer Services at ANZ, it was a no-brainer. Digital is the way forward and how ANZ want to proceed these types of transactions.

“We’re committed to digital transformation and ‘digital first’ is part of our culture. We are a leader in digital property settlements because we always assume a transaction can be completed electronically unless proven otherwise, and this transaction was no different. Although it was a very complex transaction, when we took a close look we found no reason it couldn’t be conducted via PEXA”.

In fact, there was enough evidence to suggest online settlement would be easier as it negates many of the physical burdens associated with manual processing, such as exchange of funds via cheques and paper form lodgement at the Land Titles offices in Victoria and New South Wales.

Both banks were confident to navigate this complex transaction through a digital pathway for the first time as they were able to use agreed industry processes, protocols and tools that they helped design, for these exact scenarios.

ANZ and Suncorp agreed to using the undertaking for the non-property, non-PPSR securities allowing this deal to become a full PEXA refinance transaction across two jurisdictions, involving three linked workspaces for simultaneous lodgement. Original documents were sent and received as agreed after the settlement and lodgement had taken place electronically.

Despite the mixing bowl being somewhat overloaded, PEXA’s commitment to working with the industry helped this transaction pass a key litmus test – the ability to settle complex and large-scale transactions without the need to revert to manual processing.

Through the creation of industry-lead working groups and resource-hubs like the Community, ANZ had the knowledge to come up with a workable structure without seeking assurances from PEXA. Consequently, this transaction settled on time with original documentation being received within two days of registering.

Essentially, PEXA has provided the platform while offering the network the flexibility to proceed with transactions in a way that’s most efficient for them. This is not necessarily the most difficult transaction the PEXA platform will ever face, but confidence can be garnered from the fact it stood-up to rigorous pressure when needed.

“What we thought was a good model in theory was a great model to work with in reality. It’s given ANZ real confidence about using PEXA even for complex transactions that might in the past have seemed too hard”.

“Being customer-centric is the key for us. We are continually investing in digital to provide better solutions for our customers,” Justine added.

PEXA’s Conveyancing Community can be used as a resource-tool when seeking advice on digital property settlement.  

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