2013 property exchange milestone: NSW Land Registry and National Australia Bank (NAB) onto Australia’s property exchange, PEXA.
National E-Conveyancing Development Limited (NECDL) is pleased to welcome the New South Wales Land Registry and National Australia Bank (NAB) onto Australia’s property exchange, PEXA.
They join Land Victoria and the Commonwealth Bank of Australia (CBA) who began using the exchange in June this year to perform discharges and mortgages.
The inclusion of NAB means that existing participants will begin performing refinances online shortly.
“This is a particularly significant milestone for PEXA on its way to creating a national property exchange,” NECDL CEO Marcus Price said. “ This is the first time anywhere in Australia that two major banks will refinance a property online instead of through the traditional paper channel. As you can imagine, the efficiencies gained are significant. We look forward to announcing the first
successful refinance later this month”.
The Queensland and Western Australian Land Registries and remaining major banks are all scheduled to join the Exchange by Q1 2014 along with a number of other banks and financial institutions.
“Release 1 really establishes the backbone of PEXA,” Marcus said. “It means that when we launch Release 2 in 2014, all the major parties will be on-board and ready for lawyers and conveyancers to transact with”.
Release 2 allows the industry to perform property lodgements and settlements online.
“On behalf of NECDL, I’d like to thank NSW and NAB for their support of e-Conveyancing and efforts in preparing for this launch,” Marcus said. “This is reform on the same scale as the introduction of EFTPOS so it’s an incredibly exciting time for the whole industry.”