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Financial Institutions: 3 ways PEXA helps

Financial Institutions: 3 ways PEXA helps

Jenny Harmer, Lending Support Centre Team Leader at Hume Bank, has been using PEXA since July 2015. Here she discusses how PEXA has made property transactions easier in her workplace.

Quicker and safer lodgement

Traditionally, the lodgement of a bank's interest on a title can be slow.

“It used to take a week for us to register an interest,” says Jenny. “We're in Albury and we'd have to send the documents to Sydney or Melbourne. Now, with PEXA, it takes five minutes."

This reduction in time between settlement and lodgement of an interest on title translates to a big decrease in risk, as there is less chance of a conflicting interest being registered on title in that tiny five-minute window.

More time in the workday

How many times have you found yourself wishing for an extra hour in your workday to finish everything on your to-do list? Well, PEXA can help get you that bonus hour. 

Jenny points to several ways PEXA helps with time efficiency. First, there's no need to physically attend a settlement – it’s automated and takes place online, whether or not you’re there watching it happen.

PEXA also eliminates time spent on hold chasing pay-out figures. Instead, these figures are entered by the other financial institution and are available for all parties to see in the shared online Workspace.

Smaller workloads

While great file management skills are important, the right tools are also useful when it comes to managing busy workloads. Jenny says PEXA helps organise files and workflow.

During a transaction, PEXA provides earlier access to information, enabling greater control over work planning. Information is also centralised, with all data and correspondence readily available online. Meaning no more running around to find a fax, or searching through your inbox for an errant email!

Perhaps best of all, the PEXA system provides certainty that settlement documents are ready before settlement and are in the correct form for lodgement. This is a definite plus for planning your workload and avoiding the havoc that a missed or incorrect document can cause.

Hume Bank has discovered all of these benefits while still applying "the same principles and processes" to property transactions, says Jenny. Learning the system was straightforward, she adds, with plenty of instruction and support from PEXA. 

To find out more about how PEXA can help your property transactions, get in touch with our friendly team members.

 

Author: Libby Hakim

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