Kicking goals. How this Westpac team rose to the challenge to push a critical property transaction through
Picture this: It was the Friday before the 2017 AFL Grand Final in Melbourne. One of Westpac’s valued Private Bank customers required both a sale and purchase of a property to be completed as a linked simultaneous settlement.
As the Richmond Tigers and Adelaide Crows warmed up to contest the 2017 Premiership cup, the Sydney-based Westpac team in Concord faced their own nail-biting challenge. An important complex settlement was required to support the needs of a valued customer - at a time when their Melbourne peers were gripped with finals fever during the Victorian public holiday.
It’s often a challenge to execute mixed commercial and consumer transactions. In fact, the team had never completed a ‘Portability/Substitution’ as a simultaneous settlement before. Michael Andersch, Business Solutions Manager from Westpac’s Conveyancing Industry Changes Project explained, “It wasn’t a mandated transaction and some heavy lifting would be required, but we told ourselves, ‘we can do this one.’”
Just like a premiership‑winning coach, Michael was anticipating the challenges for the team on Monday morning. “Thanks to a highly collaborative approach our sign-offs were completed by 9.30am with our client’s solicitor assisting them to balance their workspace transactions.”
Smooth sailing – or so they thought...
“It was then that some challenges emerged, first with their purchaser’s equity, then with the solicitor authorising linked settlement and trust monies,” added Michael. “This latest development initially meant settlement would be pushed back to 11.30am, when a further interruption emerged delaying completion to 1pm. In the face of mounting challenges and delays Westpac staff defied the roadblock using monies in one of their client’s other accounts to fund the settlement. This again was going above and beyond the usual call of duty!
“As Richmond supporters shared their joy with their tribe, our Concord team pulled off a victory of their own. Lisa Brackett, Ian Taylor, Vijay Rao and Simone Filip all forfeited their Labour Day public holiday to go the extra mile for our customer and business stakeholders”. Ian Taylor, Settlements Officer for Westpac Business Banking, summed it up this way. “The beauty of PEXA is that it has controls for a Simultaneous Settlement,” he said. “Without PEXA, adjusting cheque amounts and re-booking three solicitors and two banks - on the same day - would have been nearly impossible.”
For more information about becoming PEXA-ready or subscribing to the network please contact Marielle Yeoh, Chief Financial Services Officer, PEXA: Marielle.Yeoh@pexa.com.au