ANZ is the latest bank to join Property Exchange Australia
National E-Conveyancing Development Limited (NECDL) is pleased to welcome ANZ onto Australia’s property exchange, PEXA.
It joins the Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB) as part of the Release 1 pilot allowing banks to complete new mortgages and mortgage discharges online rather than through the traditional paper channel.
This functionality is currently available in both Victoria and New South Wales through Land Victoria and NSW Land and Property Information respectively and will be available in Queensland shortly followed by the remaining states across 2014/15.
“I’d like to take this opportunity to welcome ANZ to the Exchange,” NECDL CEO Marcus Price said.
“It’s really important we use Release 1 to build the capability, so this release allows the banks to perform single party transactions and really test the efficiencies of the platform”.
The ability to perform property refinancing through PEXA will be available to ANZ, CBA and NAB shortly.
“It’s great to see such early support from the major banks and I look forward to working with each of them over the coming year in anticipation of opening PEXA to Australia’s property lawyers and conveyancers,” Marcus said. “We’ll also bring on a number of smaller financial institutions in advance of Release 2 to create as effective an exchange as possible”.
Release 2 introduces the ability to complete transfers, caveats, notices, lodgement and settlement online and will be available from Q3, 2014.
“Similar to the first release, Release 2 follows a state-by-state rollout. True e-Conveyancing is fast becoming a very exciting reality.” Marcus said.