Not long after reaching 100,000 online property transactions, Westpac encountered a $14 million commercial deal with complexities that would make the most experienced property luminary cringe.
Of course, the biggest risk involved was for the customer if their settlement fell-over.
Adamant to avoid this eventuality Simone Filip from Westpac, took the settlement down the digital trail, ensuring Westpac’s customer received the most efficient service available.
Let’s break it down. The multiple facets of this transaction included:
- 26 titles
- 3 jurisdictions (VIC, SA & NSW)
- 10 water securities
- 12 PPSR* releases
- With a last-minute caveat and PPSR releases to boot
Simone, after successfully completing the settlement on PEXA, explains how this transaction went off without a hitch.
“The sheer size of the transaction is what made it complex.”, Simone said. “Not only that but we had a caveat and PPSRs added near the end that could have thrown the settlement off by at least a day – not an experience we ever want for our customers.”
Westpac, known for its collaborative efforts within the e-Conveyancing network, were sure to call out the exemplary work ethic of the law firm involved.
“I don’t want it to sound like it was all Westpac. The strength of this transaction was behind the collaboration and transparency between all parties involved – two aspects made easier with PEXA. The corresponding law firm, Gadens, and our team could see what was happening the entire time and took advantage of the conversation tool to stay ahead of the game.”
“An example of which is when Gadens realised there were outstanding PPSR releases to be completed. Thanks to this visibility we could lodge them on time with zero impact to the customer. If this hadn’t been online, we would have had to do a lot of running around with paper documents, potentially missing our cut-off date and rescheduling settlement.”
If additional PPSR releases weren’t enough to throw the transaction off balance, a withdrawal of caveat was put back on the table as well. Usually a high stress scenario, it was overcome easily with the use of PEXA. After a triumphant settlement for Simone and her team, she had this advice for her banking peers hesitating or about to embark on a similar digital path.
“We’d recommend all of our peers to give any complex transaction like this a go. It looks more daunting than it is. Once you use the conversation tool and stay connected with the parties involved it’s a much more seamless process.”
*Personal Property Securities Registrar