Digital property settlements live in ACT

The Australian Capital Territory (ACT) has become the latest jurisdiction in Australia to formally introduce online property settlements, with the first live transactions officially lodged with the Territory’s land registry today.

This significant milestone follows an extensive pilot period with a number of legal practitioners, the nation’s big four banks and the ACT government.

Today, more than 80% of all property settlements are processed digitally, with 20,000 Australian homebuyers and sellers each week benefiting from a globally unparalleled online experience.

PEXA’s Group CEO, Glenn King said: “We know the arrival of digital property settlements has been highly anticipated within the community. It is incredibly exciting for all involved to have reached today’s landmark launch, and on behalf of PEXA we congratulate all involved.

“This is certainly a momentous day for the ACT government, and all those who have enabled this day to occur, including lawyers and financial institutions. We look forward to seeing the benefits of seamless and secure digital conveyancing support ACT homebuyers and sellers in the months and years ahead.”