Australia's big four banks join Australia's property exchange network
Australia’s major banks have all joined Property Exchange Australia (PEXA)
National E-Conveyancing Development Limited (NECDL) is pleased to announce that the four largest Australian banks have now joined Australia’s property exchange, PEXA.
Westpac Banking Corporation (WBC) join the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), and Australia & New Zealand Banking Group (ANZ) as part of the Release 1 pilot providing the Banks functionality to complete single-party transactions such as new mortgages, mortgage discharges as well as refinancing online rather than through the traditional paper channel.
This functionality is currently available in Victoria, New South Wales and Queensland and will be available in Western Australia shortly followed by the remaining states across 2014/15.
“While we’ve celebrated numerous milestones over the past year, this is particularly significant,” NECDL CEO Marcus Price said. “We now have all four major banks using PEXA to perform single party transactions – something that’s never happened before”.
The on-boarding of Australia’s four major banks means that the majority of all property transactions have the potential of being completed through PEXA when it is released to Australia’s property lawyers and conveyancers in Q3 2014.
“The four major banks have significant market share but that doesn’t mean the smaller financial institutions are any less important. This is an Exchange and by its very nature, you need all parties transacting electronically to realise the full benefit. We’re working very closely with a number of other financial institutions with view to having them using PEXA before the launch of Release 2,” Marcus said.
Release 2 introduces the ability to complete transfers, caveats, notices, lodgement and settlement online.