Full functionality of Australia’s first national e-conveyancing platform, Property Exchange Australia (PEXA), has officially launched in New South Wales.
This allows property lawyers and conveyancers to complete property transfers entirely online for the first time ever, including lodgement and financial settlement.
“For the first time, electronic lodgement and financial settlement can now be completed online through PEXA, delivering on a COAG initiative to provide the Australian property industry with a single national electronic conveyancing solution,” says PEXA CEO Marcus Price.
The launch comes 18 months after PEXA’s first ever standalone transaction in June 2013, which saw a discharge of mortgage involving the Commonwealth Bank of Australia and Land Victoria.
“We’re incredibly mindful that this is a new system and a new way of doing business. We need to take things slowly and make sure everyone is comfortable with the system before launching more broadly,” Mr Price says.
“The integrity of the system and the user experience are paramount. We’re looking forward to sharing the feedback we receive during these early days as well as announcing the first successful online property transfer in the not too distant future."
So far, ten financial institutions have signed up to complete discharges, new mortgages and refinance transactions across Victoria, New South Wales, Queensland and Western Australia using PEXA, including the big four.
In June this year, the ability to lodge and remove caveats was also added to the PEXA product offering, prompting its use by select property lawyers and conveyancers in Victoria. Also integral to the success of PEXA is the New South Wales Land Registry – Land and Property Information (LPI).
“[Electronic conveyancing] has the potential to be the Australian property industry’s magnum opus,” says Mr Price. “It places us years ahead of other countries in terms of efficiency gains, security and customer service. This is testament to the work of countless stakeholders across the entire industry and indeed, across the whole country.”
Select property lawyers and conveyancers in metropolitan Sydney and Wollongong are the first to gain access to PEXA’s new functionality followed by a similar sample in metropolitan Melbourne, Geelong and Bendigo in December.
The broader New South Wales and Victorian market will be invited to begin transacting on PEXA from February 2015 followed by the remaining states.