Land Victoria and the Commonwealth Bank of Australia complete their first property transaction on the PEXA network
National E-Conveyancing Development Limited (NECDL) is pleased to announce the successful launch of PEXA with Land Victoria and the Commonwealth Bank of Australia. PEXA successfully completed its first transaction - a discharge - on Tuesday 18 June 2013.
This marks the beginning of Release 1, allowing banks and other financial institutions to perform standalone mortgages, discharges and refinances online.
“This is an incredibly important milestone for PEXA on its way to creating a truly national property exchange,” NECDL CEO Marcus Price said. “It’s the first in a sequence of installations planned for the next 12 months with our focus now on bringing the New South Wales, Queensland and Western Australian Land Registries and remaining major banks on board”.
Testing efforts are well progressed with New South Wales who are making excellent strides in preparing for their launch date shortly.
“On behalf of NECDL, I’d like to thank Land Victoria and the Commonwealth Bank for their support of PEXA. Both have led the charge in improving the way land transactions are handled and will be known as pioneers of this initiative. We would also like to acknowledge the work of ARNECC, the Law Council of Australia, the state-based Law Societies and the Australian Institute of Conveyancers for their support over the past few years in establishing a legal framework that allows PEXA to exist”.
A staggered release will be employed with the remaining non major banks, financial institutions and states joining the Exchange from the start of 2014.
“Release 1 of PEXA really builds the backbone of the Exchange,” Marcus said. “It means that when we launch Release 2 in the middle of next year, all the major parties will be on-board and ready for lawyers and conveyancers to transact with”.
Release 2 allows lawyers and conveyancers to transact with banks and other financial institutions to perform property lodgements and settlements online including the payment of stamp duty and other third party disbursements.