The PRWIRE Press Releases https:// 2020-01-21T05:00:23Z PEXA announces appointment of new CFO 2020-01-21T05:00:23Z pexa-announces-appointment-of-new-cfo-1 Property Exchange Australia (PEXA Ltd) is pleased to announce the appointment of Richard Moore as Chief Financial Officer, effective 3 February 2020. The appointment follows an extensive search process over several months that assessed a strong field of external and internal candidates. PEXA CEO Glenn King said the company was delighted that Mr Moore – most recently the CFO at MYOB – had accepted the role. “Having held CFO roles across a range of industries, Richard is an exceptionally qualified candidate,” Mr King said. “In addition to overseeing MYOB’s transition from private to public ownership, Richard has led the financials for a number of Australia’s most successful businesses, bringing an immense depth of experience to PEXA’s senior leadership team.” Prior to MYOB, Richard held senior finance roles across a diverse range of industries, including CFO of Jetstar Airways, CFO of Bankwest Business and eight years in finance roles at GE Capital across both the UK and Australia. He is also a Member of the Institute of Chartered Accountants.   Mr King said the appointment of Mr Moore reinforces PEXA’s commitment to delivering efficiencies to the property industry. “Richard’s appointment is reflective of our investment in leadership talent as we continue to grow the business,” Mr King said. “He compliments our strong performance-oriented culture, setting the business up to continue delivering strong outcomes for our members, our teams and the broader community,” Mr King said. “Richard’s member-first ethos was a critical component in his appointment.” A senior member of the Group Executive team, Mr Moore will report directly to CEO Glenn King. Over 100,000 PEXA Exchange transactions completed in May 2018-06-04T02:19:33Z over-100-000-pexa-exchange-transactions-completed-in-may Melbourne, 04 June 2018 – Digital property transactions are experiencing exponential growth as Property Exchange Australia (PEXA) announced that last month over 100,000 transactions had been completed on the platform, a 25% jump from the month prior. In April the company also announced that over 1 million transactions were settled digitally on the PEXA platform. Digital transactions have grown from strength to strength with a Compound Annual Growth Rate (CAGR) of 202% (FY2014 to May2018). Much of this growth has occurred over the past year, with PEXA’s May 2018 transfer transactions more than nine times higher than for the same period the year prior, a positive indication of the momentum PEXA and its network is driving on the path to 100% digital. Winner of PEXA’s 2018 Industry Acceleration award, Richard Wensley, Managing Director, CS Legal in Western Australia said, “My employees have all really taken PEXA on board. I’m not surprised that e-Conveyancing has taken off. The benefits I’ve seen in my company are incredible. We have more work flexibility and more time dedicated to customer service and company growth. The industry definitely needs to embrace this change. It’s progress.” Des & Natalie Hough, first time property buyers in Victoria said, “We were very fortunate to have been offered the chance by our conveyancer to purchase our property using PEXA. Everything happened so seamlessly behind the scenes. This is the single largest investment we have made in our lives, and now we are owners of a beautiful home in Victoria! Based on this experience we think that everyone buying a home should go through the PEXA platform. It’s definitely the way to go.” Studies[1] have shown a time saving of between 3-5 hours per transaction and the potential to reduce settlement delays. A recent independent analysis also revealed that the Australian conveyancing industry stands to benefit approximately $89 million per annum once it goes fully digital by 2021-22. The faster the industry transitions, the quicker these net gains can be realised, as duplicate systems, electronic and paper, are removed. Given the current growth trajectory, a fully digital industry could be achieved well ahead of schedule. “This growth is a testament to the industry’s readiness to embrace digitisation. This achievement has far exceeded our projections to date and would not have been possible without the unprecedented collaboration we have experienced across the network,” said Marcus Price, CEO, PEXA. Collaboration across the network has been key to its success with more than 145 financial institutions, five land registries and revenue offices, as well as over half of all legal and conveyancing firms nationwide transacting on the platform. Since the company was established in 2010, it has worked tirelessly to bring all these stakeholders together to create a thriving network that is successfully improving the home buying and selling process for Australians. “This network effect is propelling the property industry towards the 21st century as more practitioners begin to realise the benefits of digitisation,” he continued. “They are the influencers the industry needs.” [1] KPMG’s February 2018 Electronic conveyancing analysis reports an average time saving between 3.45-4.45 hours. Deloitte’s May 2018 Impacts of e-Conveyancing on the conveyancing industry reports an average time saving of 3.7 hours. New PEXA technology streamlines lenders’ processes 2018-05-02T01:06:51Z new-pexa-technology-streamlines-lenders-processes Australian lenders are embracing PEXA Projects, a new technology that helps to effectively and efficiently manage settlements of large scale, off-the-plan property developments. Offered by Property Exchange Australia (PEXA), the solution represents a new horizon for settling multi-lot deals in Australia. It simplifies the property exchange process, and offers a collaborative hub for lawyers, conveyancers, property developers, and lenders. Initially, PEXA Projects catered to the needs of the law firms involved in development transactions, providing them the ability to upload all data into one location and track its progress on one, easy to follow dashboard. PEXA Projects has evolved, with a new Mortgagee on Title solution for financial institutions now available. Headlining the release is the bulk creation of the Discharge of Mortgage in Workspaces, where one would previously need to manually generate the document in each Workspace (a shared online area in PEXA where participants can communicate and prepare documents for a property transaction). The new features are already proving beneficial for one of Australia’s major banks, NAB. NAB’s Digital Settlements Lead, Matt Kerr, said the time savings are translating to greater client satisfaction. “This functionality allows us to improve how we process transactions, and gives our customers more certainty that their settlement will occur on time and more seamlessly.” “Prior to using PEXA’s systems, processing a paper-based property transaction that involved up to 100 settlements would take time. Now, our customers benefit from a simpler and faster settlement experience." Transparency is key to a seamless settlement, and Mr Kerr believes PEXA Projects’ enhanced capabilities are fostering this. “The improvements allow our teams to see more customer information within the PEXA invite, making it simpler and easier to complete the processes that support digital settlements, and helping us to provide a better customer experience.” You can learn more about PEXA Projects here or alternatively reach out to your account manager directly. PEXA surpasses one million digital property transactions 2018-04-18T02:52:40Z pexa-surpasses-one-million-digital-property-transactions Melbourne, 18 April 2018 – Property Exchange Australia (PEXA), the electronic property exchange platform, has now completed more than one million property transactions[1], with over half of those transactions occurring in the last 10 months. PEXA, formed to fulfil a Council of Australian Governments’ (COAG) initiative, aims to deliver a national e-Conveyancing solution to the Australian property industry. The company has been operating since 2010. Australia’s property market is valued at approximately $7.5 trillion[2] and in 2017 it was reported that an average of 590,000[3] dwellings changed ownership each year. In the existing paper-based process, approximately one in four property settlements are delayed, risking financial cost and stress for buyers and sellers. PEXA, backed by the big four banks and four state governments, is working to digitise the industry. As a participant to the very first PEXA transaction, back in 2013, Paul Major, Business Services Manager at Land Victoria said, “PEXA offers a transparent way for people to see and share an entire transaction, creating an environment where you can work collaboratively. It provides a genuine level of certainty and a real capacity to make things happen quickly and effectively. Transactions have an impressive turnaround. From the time the settlement is completed, sellers have been able to access proceeds in 30 minutes and buyers have had their names on titles in half that time.” Since its inception, PEXA has worked tirelessly to establish a national industry climate, ready to facilitate the digital transformation of property. This has included collaboration with over 140 banks and financial institutions, commitment from state governments, the creation of a robust regulatory framework and backing from the practitioner community. Bringing together various stakeholders to create and sustain a successful network has been an extensive process. Today, 98% of Australia’s mortgage lending market and over half of all legal and conveyancing firms nationwide are on the PEXA platform. "Initially we thought that the transition to this digital world would be difficult to implement. We encouraged our staff to lead the way and show others how to navigate the system. Everyone really got on board and now just love using PEXA,” said Dan Lynch, Managing Director & Principal, First State Conveyancing, a regional firm in New South Wales. “As a business owner, it’s evident that the simplicity of PEXA and the streamlining of the settlement process leads to happier, more engaged staff. They aren’t spending hours on the phone booking settlements or having settlements fall over through no fault of their own. Because we have a digital solution, today some of our staff are able to have flexibility built into their work hours.” Katherine Hanson, Director at C&R Conveyancing South, a progressive firm based in Cockburn Central, Western Australia said, “Working with PEXA has transformed the way we operate. By moving to a digital platform, our processes are more streamlined, and this helps us provide a more effective and reliable service to our customers. Double deals[4] can be booked early in the morning and access to title deeds can be completed by close of business. This saves our customers valuable time and money.” Kelly Thannhauser, owner of Sargeants Conveyancing’s Benalla-Wangaratta branch in Victoria added, “I love using PEXA when settling my clients’ files. It is so quick and easy. I have the added security of knowing that the titles are registered in my clients’ names instantaneously and my vendors have access to their money straight away.  We have clients all over Victoria. Through PEXA, settlements in Wodonga with simultaneous purchase settlements in Warrnambool, over 570km away, are done from my desk without the risk of documents getting lost in the mail on their way to settlement agents.” PEXA CEO, Marcus Price said, “In the first couple of years, we invested time into building strong relationships with the industry and collaborated closely with financial institutions, peak bodies and practitioners to establish a solid pathway to digitisation. Throughout our journey, we’ve been privileged to work with outstanding banking and practitioner teams, who have been crucial to the industry’s reform. The platform promotes strong partnerships between lawyers, conveyancers and financial institutions and we highly value their contributions as we continue to build on this safe, reliable and efficient system. We are committed to supporting the network as we transition together towards a 100% digital conveyancing process.” [1] transactions include settlements such as transfers, refinance and caveats [2] Residential Property Market, CoreLogic National Housing Market and Economic Update (March 2018) [3] ABS 2017 (5609, Table 10a) [4] Double deals occur when a customer is selling and buying a property at the same time Online property changes the course of Australia’s housing crisis 2018-04-10T03:30:44Z online-property-changes-the-course-of-australia-s-housing-crisis In short, homeowners now have the opportunity to register their property with Homes for Homes. Each time the property is sold, 0.1% of the sale price is donated to Homes for Homes and all funding goes towards building social and affordable housing for those in need. Despite Australia’s booming property economy 116,000 people are homeless each night. There’s a chronic shortage of 200,000 homes and more than 1.5 million households live in housing stress. Homes for Homes’ long-term plan is to tackle these problems through voluntary donations from property sales – and it’s projected to raise $1.8 billion of new funding over 30 years. PEXA facilitates these generational donations by giving the not for profit a home on its digital platform. South Australia is the first state to launch this new online capability. Corrs Chambers Westgarth, one of Homes for Homes’ four pro bono law firms*, has now registered the first property with Homes for Homes using PEXA – aided by South Australian law firm, Finlaysons Lawyers.   Pioneering Australia’s first digital Homes for Homes transaction were homeowners, Fairlie Delbridge and Darren Bilsborough, and their property in Glen Osmond, Adelaide.  “We’re excited to have led the way with an initiative that will become ‘the norm’,” Fairlie shared. “It is a privilege to be the first homeowners to register our property with Homes for Homes in South Australia via the PEXA system.”  “Homes for Homes gave us an opportunity to be a part of a community initiative that multiplies one person’s effort. I love that everyone’s little contribution, when combined, has the capacity to create profound change. I encourage everyone to get involved.” Steven Persson, Homes for Homes CEO said its partnership with PEXA enables Homes for Homes to take its first step into the digital era. “Integrating Homes for Homes in PEXA’s technology will help ensure that it’s simple for people to make a meaningful contribution towards social and affordable housing in Australia,” Steven said. “We are proud to be working with PEXA and providing an opportunity for the entire community to tackle Australia’s housing crisis by raising funds through donations from property sales.” Several developers, including Grocon and Capital Airport Group, are actively involved in Homes for Homes and are registering their upcoming developments. Homes for Homes not only gives the developer market a unique opportunity to give back to the community but also the ability to do so with ease and in bulk via the PEXA platform. “The PEXA team are excited to be part of Homes for Homes’ mission and to support its initial transition to an electronic solution,” said Mike Cameron, PEXA Group Executive, Customer & Revenue. “Online property has the capacity to have an intrinsic effect on Australia’s housing crisis. We look forward to releasing the same functionality across the rest of the states and working with Homes for Homes in changing the landscape of Australia’s growing social crisis.” For more information on how Homes for Homes works, click here. *Homes for Homes pro bono legal firms: Clayton Utz, Corrs Chambers Westgarth, Herbert Smith Freehills and MinterEllison Queensland-based law firm & developer lead digital property push 2018-01-28T22:14:15Z queensland-based-law-firm-amp-developer-lead-digital-property-push Leading law firm HopgoodGanim Lawyers and property developer the Lennium Group have recently completed their first paperless real estate settlements as a combined industry team. The move will help to drive an overhaul of the often complex and time-consuming paper-based way that real estate deals have been finalised to date. Historic manual way can incur postal, courier, cheque and settlement agent expenses Currently, many Queensland home sales are completed using a 160-year-old, manual method that relies on exchanging bulky paper documents and cheques. Digital-savvy lawyers acting for property consumers are frustrated with the historic manual way that can incur postal, courier, cheque and settlement agent expenses. But that’s all expected to change if the Queensland Government follows the lead set by Victoria, New South Wales, Western Australia and South Australia. These states have announced deadlines to modernise property exchange. We’re calling on the Queensland Government to get on board HopgoodGanim’s Chief Operating Officer, Martin Kingston, is looking to the Queensland Government to set its own deadlines to hasten digital property settlement to remove one of the most stressful experiences from the property buying and selling chain. “Queensland needs to keep pace with the rest of the country. If we don’t, our real estate sector may come off second-best,”  he said. “We’re calling on the government to drive the solution. Queensland has had electronic titles since the 1990s and online stamping for years.” Online transactions can be settled anytime, anywhere – even while staff are on holiday “HopgoodGanim has just completed the initial round of settlements for the Lennium Group’s latest townhouse development at Cannon Hill ‘Wattle Grove’, five kilometres east of Brisbane. Thanks to the new Property Exchange Australia (PEXA) platform, we were able to to enter all transactions details ahead of time and see settlement complete online without the need to have a physical settlement.  Banking and titles office lodgement are all handled within the PEXA platform, Property practitioners don’t want to do ‘nickel & dime’ conveyancing for the rest of their career “Innovation is one of the draw cards for legal industry recruitment. It is also an important part of staff retention. Law recruits don’t want to do ‘nickel & dime’ conveyancing for the rest of their career. I’ve been to the traditional crowded, noise-filled settlement rooms where some 50 plus conveyancing professionals can meet on a busy settlement day – calling out to find the agent acting for the purchaser or seller. It’s an intimidating environment with a flurry of paperwork exchanging hands, like a scene from the old share trading floors, which interestingly the ASX did away with twenty years ago. We are overdue for electronic settlements.  By finalising property sales online we can free up our team members to focus on the more rewarding parts of their roles. This new PEXA technology also helps us to manage work flow across our entire real estate team and make sure we are achieving the right balance in the busy times. Online property settlement is positive for both developers and buyers alike “At HopgoodGanim we know that a large share of the market is already deeply engaged with ecommerce. They’ve been banking online for decades and using a multitude of technology to manage their busy lives, including transaction specific apps. These clients expect ecommerce as part of their daily lives. We’re bringing efficient settlement in a timely way for our property developer clients and their end customers – seamlessly and quickly.” Clients are tired of the current paper-based system’s flaws “Online settlement is a breakthrough for property developers, banks and law firms who manage high volume property transactions. Digital conveyancing improves productivity but removing time spent preparing and posting forms and automating titles office lodgements and banking.” Queensland property lawyers transacting in the digital era can capture cost benefits and efficiencies “The digital way means that we can predict when settlement will occur and seamlessly and quickly bank funds on behalf of our end customers. With PEXA’s platform we can settle anytime – anywhere. Our developer clients can bank funds promptly after settlement and fund their next project. No more waiting days for cheques to clear and settlement times blowing out due to avoidable errors.” Refinance time slashed in Western Australia with new technology 2017-11-30T09:02:04Z refinance-time-slashed-in-western-australia-with-new-technology If you’re living in Western Australia, the next time that you refinance your home loan there’s a good chance that the transaction will be fully electronic and quickly and efficiently finalised. To date the process has been mostly paper-based. The WA banking industry deadline for a new paperless refinancing era starts from 1 December 2017. It’s the compliance date marking when refinance transactions move online. Home owners looking to refinance, for example, in the event that interest rates rise, will now benefit from faster refinance times. The transactions are completed through Property Exchange Australia’s (PEXA’s) digital platform. Mike Cameron, PEXA’s Group Executive, Customer & Revenue, said that by taking refinances online transaction times have in many cases halved. “What once took an average of 40 days is now down to about 20 days thanks to the new digital way,” he said. “The fastest refinance we’ve completed took 20 minutes. In that situation the banks moved fast to accommodate an urgent customer request. In the past a paper-based refinance could typically take more than one month to process. “Western Australia follows two other states that recently reformed traditional, paper-based refinancing. Four months ago NSW and Victoria became the first states to process refinance transactions online. In this short space of time most refinances in these two states are now digital. Banks Australia-wide are well advanced in their push to digitise their back office operations with 135 now signed to finalise property transfers through PEXA. “In addition to the 1 December refinancing reform, from 1 May 2018 property transfers also head online in Western Australia. To help real estate consumers get a snapshot of what happens at settlement, PEXA has developed a settlement tracking app called ‘SettleMe’ to allow buyers and sellers to track the final stages as property exchanges hands. “The number one reason to settle properties online is to remove the consumer frustration and pain points that often occur when home sales are finalised using outdated pen and paper conveyancing methods. For buyers, PEXA lodges title documents electronically bringing peace of mind. For sellers, funds are sent electronically to bank accounts, with no waiting for cheques to clear. PEXA is the new standard for property exchange. The value of property transacted on the PEXA platform to date exceeds $80 billion and is growing daily.” Media enquiries: Jo Waldon General Manager, Corporate Affairs, PEXA, 0402 252 559 / About PEXA The world’s first digital platform for completing online lodgement and property settlements, PEXA evolved from a 2010 Council of Australian Governments' mandate to reform pen and paper-based property exchange that dates back to the 1850s. PwC's Digital Property Report cites key opinion leaders calling to bring conveyancing into the 21st century. The $7.2 trillion residential property market is Australia’s largest asset, however property settlement is one of the last major financial dealings to be digitised. Transforming how Australian property is bought & sold - IT Innovator of the Year winner 2017-10-27T03:33:24Z transforming-how-australian-property-is-bought-amp-sold-it-innovator-of-the-year-winner Guiding 132 mortgage lenders to digitise property transactions has earned Chief Financial Services Officer Marielle Yeoh the Money Management, IT Innovator of the Year award. Ms Yeoh works for Property Exchange Australia – PEXA – the digital start-up that’s transforming how banks, lawyers and conveyancers transact property. PEXA evolved from a successfully implemented Federal and State Government (COAG) reform to bring conveyancing into the digital economy. With value exceeding $7.2 trillion dollars, residential property remains Australia’s largest asset class, yet until recently, properties were only exchanged and settled manually. Consumers often bore the pain points that can occur using outdated pen and paper property settlement methods. Over the past 12 months Ms Yeoh has worked tirelessly steering lenders - representing 98% of the Australian mortgage lending market - onto PEXA’s online property exchange, with more than 90% of all standalone transactions and 50% of all refinances now completed digitally through PEXA. “Together with lenders and conveyancers, PEXA is bringing property sales into the 21st Century to help overcome the stress experienced by one in three property consumers who are frustrated by errors that often occur using outdated pen and paper property settlement methods,” she said. “By moving property transactions online, Australians now benefit from a fast, safe and more efficient property exchange process, reducing delays caused by manual errors, improving how homes are bought and sold. “PEXA is in turn guiding banks, credit unions and mutuals to digitise property transactions. To move the industry online this quickly required an unprecedented level of cooperation from Australia’s entire banking community, with natural competitors coming together to collaborate on the development and execution of paperless property exchange. “PEXAs Financial Services team has helped build a network through collaboration, rather than viewing this as a straight technology project. Through a series of integration efforts, PEXA has been embedded into core banking infrastructure. Helping mortgage lenders understand the upstream opportunities including consumer apps and workflow dashboards represents the next frontier in customer banking.”  PEXA AT A GLANCE: ·         - A digital platform for completing online lodgement and property settlements ·         - The value of property transacted through PEXA’s platform is well in excess of $78 billion and fast approaching $100 billion ·         - Integrates into state-based land registries in QLD, Victoria, NSW, WA and SA ·         - Conveyancers, lawyers, banks and land registries interact and share information ·        -  Banishes cheques, postal services and attending settlement in person ·        -  Property sellers' funds can be promptly banked. No more lengthy cheque clearance times Media enquiries: Jo Waldon, General Manager, Corporate Affairs, PEXA: 0402 252 559  Homegrown prop-tech start-up blitzes the pack at 14th Annual International Business Awards 2017-08-14T02:52:35Z homegrown-prop-tech-start-up-blitzes-the-pack-at-14th-annual-international-business-awards Media Release     Homegrown prop-tech start-up blitzes the pack at the 14th Annual International Business Awards Just days after the 500,000th digital property transaction was processed online, Property Exchange Australia (PEXA) has another reason to celebrate, claiming gold in five categories at the 14th Annual International Business Awards. Sharing centre stage with international heavyweights DHL Express, Meltwater, Goldman Sachs, Unilever and Accenture, PEXA was recognised for its leadership in innovation, collaboration and industry transformation. Industry acknowledged as the real stars in PEXA’s success PEXA CEO Marcus Price – the recipient of both the Innovator of the Year and Executive of the Year Award - said this recognition is testament to the incredible collaboration underway across the property industry in Australia: “These phenomenal results truly reflect the exemplary work of the Australian land registries, banks, legal and conveyancing firms and peak bodies in collaborating to bring a digital property exchange to life. Our success is a direct result of their efforts and of course the broader PEXA team who continue to work tirelessly in bringing Australia’s $7.2T residential property market online,” Marcus said. “These awards are a result of the efforts of an entire industry”. Digital property transactions recognised as “revolutionary” Born out of a 2008 Council of Australian Government (COAG) initiative to create seamless economic reform through the digitisation of property transactions, PEXA boasts a robust network of 124 financial institutions and more than 4350 legal and conveyancing firms nationwide with close to $60B in property value already transacted through the network. In reviewing PEXA’s applications, the judges described PEXA as “revolutionary in the sense that they have made the entire lifecycle of buying, selling and closing properties seamless and less painful… this company has shown what it means to live in this "robotic world." The way that they have revolutionized the real estate industry is astounding helping clients get a better way to deal with their transactions. Kudos for reengineering and dematerializing "bureaucracy" into something that is leading edge! Impressive.”Billions of dollars in property transferred in minutes – not weeks PEXA was also recognised for its ‘Projects’ functionality for property developers which uses robotics to automatically create online workspaces with mass data upload capability. “What once took 7 minutes per transaction now takes only 6 seconds. As you can imagine, for those property developers settling some of the 210,000-large-scale allotment deals each year, this provides an unprecedented level of efficiency. In fact, not only are dealings now 166x faster but developers also benefit from substantial interest savings with billions of dollars in property transferred in minutes – not weeks,” Marcus said. The International Business Awards honours organisations worldwide in an extensive list of categories, including innovation, growth, management, leadership and customer service among others. This year, a record 3900 nominations were received from across 60 nations. PEXA received recognition in the following categories: GOLD: Most Innovative Tech Company of the Year - Up to 2,500 Employees Company of the Year – (Legal industry) - Medium-size Best New Product or Service of the Year - Software - Real Estate or Construction Management Solution Innovator of the Year (Marcus Price) Executive of the Year – Legal industry (Marcus Price)  SILVER: Fastest-Growing Company of the Year - in Asia, Australia and New Zealand Technical Innovation of the Year - At Organizations with Up to 1,000 Employees   -Ends-       Regional Western Australian firm cracks digital ton with 105 online property transactions 2017-08-14T00:22:01Z regional-western-australian-firm-cracks-digital-ton-with-105-online-property-transactions New technology is bringing WA property settlement agents a competitive edge according to Mandurah-based Waterways Conveyancing Licensee Lyn MacQuarrie. “With a high speed internet connection and a strategy to digitally exchange property we’ve quickly settled 105 properties online,” she said. Hi-tech smarts a marketing tool to capture more business “With PEXA* we can compete on an equal footing with city-based outfits because we don’t have to waste one hour of our precious client-facing time heading into the city by car or train each time we settle a property. This old method of paper-based settlements is outdated. I urge other property practitioners to get online now before we go fully electronic in several months’ time. Free training is available. Don’t wait and get left behind. When online property exchange is legislated our firm plans to use our new-found hi-tech smarts as a marketing tool to capture more business.” Most WA property transactions are moving online by May 2018 State government-led deadlines are hastening the move to digital property transactions with the lion’s share going online by May 2018. For Lyn the change can’t come fast enough. “Trekking into the city to settle a paper transaction and exchange bank cheques is like going backwards in a time machine like we did more than a decade ago to do ‘stamping’ at the state revenue office. We’ve progressed from snail mail to faxes and now to emails and SMS communications. Now it’s time to finalise property online. No one wants to go back to those time-wasting days,” she added. Running both a paper and digital system doesn’t work “I’m right behind this government mandate to take paper property exchange online. I was looking forward to the 1 December 2017 date and was unbelievably disappointed when I heard it was pushed back to 1 May 2018.  Until these changes start to take effect I have to keep running two systems – one paper and one digital. It doesn’t work for me. It means that I have to pay an outside clerk to run back and forth into town with paper documents. It makes economic sense to start planning to remove the need for pre-printed cheques. It’s wasteful and yet another unnecessary cost to our business that can be avoided by going digital. Settlement agents that delay going digital won’t be ready for the 2018 deadline “It’s a big wake up call for firms to go online now. If they wait until a few months before 1 May 2018 they won’t be ready for when a larger number of paper property matters are turned off.  Acting for clients online also frees up our hours and promotes flexible working. Not everyone works nine to five anymore. We can have all our settlements on any given day taking place within a specified hour or two not having to worry about time restrictions that we have to adhere to now. This includes having to try and re-book another property exchange time if the paper settlement fails because of an error. We can be more responsive now that many digital property settlements can be quickly and efficiently completed – sometimes in a matter of minutes. Using the old paper-based methods it could take days. If there was a printed error or a document was lost in the mail we had to start all over again.” Lyn MacQuarrie has been the Licensee of Mandurah-based Waterways Conveyancing for 14 years. She is a proponent of digitising property transactions to bring home sales into the digital age, delivering buyers and sellers fast and efficient property exchange. *ABOUT PEXA PEXA is transforming the way property is transacted. These historic changes are on par with the introduction of the Australian Stock Exchange (ASX), EFTPOS and online banking. Similarly, PEXA is bringing an online exchange for financial institutions, lawyers, conveyancers and land registries to complete property settlements. Funds settle through the Reserve Bank of Australia.  5 benefits of online property settlement for Victorian lawyers 2017-08-09T04:49:52Z 5-benefits-of-online-property-settlement-for-victorian-lawyers Land Use Victoria has announced critical changes for lawyers who have to date only lodged documents using the paper channel. Commercial mortgages and refinance transactions must be lodged electronically from 1 August 2017 (applies to ADIs* and conveyancers and lawyers acting for ADIs). A few months later on 1 December digital lodgement applies for caveats and other mortgage matters undertaken by conveyancers and lawyers acting for non-ADIs. Property Exchange Australia (PEXA) has to date registered 4,392 lawyers and conveyancers Australia-wide so that they can settle and lodge instruments online well before this upcoming deadline. Free PEXA service to help you make the move online Many law firms are already taking advantage of a free PEXA service that’s the business equivalent of a personal trainer. PEXA experts visit law firms and help guide them to future-proof their businesses by going online. Spearheading the push to take conveyancing into the 21st Century, 125 lenders and relevant state land registries are also on-board. The value of property that’s moved online is now $59 billion and growing.  5 compelling benefits when transacting property matters online: 1. Many SRO duties forms have been consolidated into one form and moved online from 1 July, meaning completing the duty forms for some transactions can now be performed online. 2. Vendors can receive cleared funds into their own accounts following a PEXA settlement - often on the same day. Some vendors are banking their property sale money in as little as 10 minutes (depending on who they bank with). It’s very helpful to promptly access monies if the vendor is looking to buy other property shortly after the sale. 3. The Transfer of Land is lodged with the land registry as part of the settlement process, making it possible for the purchaser to be registered on title within minutes. This is particularly handy if the new owner needs to apply for permits soon after settlement. 4. All parties involved in the final transaction (vendor, purchaser, incoming mortgagee, discharging mortgagee) can communicate in the shared PEXA Workspace reducing the amount of time spent on the phone and travelling to a physical settlement location. 5. Many firms are finding they can close their file on settlement day as there is no need to attend to payment of stamp duty, registration of land registry instruments and payments to third parties by cheque. Victorian lawyers and conveyancers who want free help to transition their business to be digital-ready before e-Conveyancing becomes the new standard for property exchange can contact * Authorised deposit taking institutions PEXA is transforming the way property is transacted. These historic changes are on par with the introduction of the Australian Stock Exchange (ASX), EFTPOS and online banking. Similarly, PEXA is bringing an online exchange for financial institutions, lawyers, conveyancers and land registries to complete property settlements. Funds settle through the Reserve Bank of Australia. NAB mortgages go hi-tech with digital era reform 2017-08-07T02:26:40Z nab-mortgages-go-hi-tech-with-digital-era-reform Anyone who has ever bought or sold a home knows that finalising a property transaction can be stressful. NAB is making things easier for its customers, as Gary Howard, General Manager of Redstar Customer Lending Operations, explains here. Q. From 1 August 2017 all mortgage refinances are required to be completed online. Is NAB geared up for the digital mortgage era? We know our customers want to do things more easily, simply, and conveniently, and enabling digital solutions is absolutely key to this. NAB has been an advocate and driver of change in the e-Conveyancing industry for years. Since settling our first PEXA transaction, we have mobilised NAB projects to support readiness for key industry mandates such as this. This work has resulted in a significant proportion of transactions already being completed via PEXA. Q. We’ve had EFTPOS and internet banking since the 1990s, how complex is it to digitise mortgages? Digital allows for a wide range of opportunities. Certainly there are a number of layers and legacy systems and processes within the mortgages process, and many of these processes are geared towards paper. To digitise the entire mortgage process, end-to-end, we need to think differently and look for opportunities to innovate… and we are. PEXA is a great example of what is possible and how we can progress towards delivering a better customer experience by going digital. Q. The push to digitise property transactions has come about as a result of a COAG directive to bring property transactions into the 21st Century, why do electronic transactions matter for NAB? Electronic transactions have a number of benefits for NAB - most importantly, it gives us greater flexibility to deliver outcomes quickly for our customers. It also results in less duplication and cost. Leveraging technology will give our people the opportunity to focus on more personalised service, and for our customers it means increased security and real time access to funds. Q. How long does it take to refinance a property using the paper channel compared with the new online standard? Historically, settlement and registration were reliant on manual processes. With a PEXA settlement, the registration and funds disbursement can be completed instantly. It means customers may not have to wait weeks for their name to be on the title, rather a mortgage could be registered in minutes. Q. More than half of bank refinances are now completed through PEXA. What change will customers see when all property transactions go online, with regulations now stipulating this in the near future? Customers will have better visibility of where things are up to at each stage of the process which gives them more certainty. They will also benefit from the convenience of real time access to their funds. Q. What are the main customer benefits that flow from digital transactions? Why do they matter? It’s quicker, customers will benefit from real time access to settlement proceeds, and the PEXA system is more secure than the paper process. It’s integrated with the Titles offices so there is less chance of settlement delays due to errors in documentation. Q. NAB is investing in laboratories to future-proof its operations. How does teaming with a digital disrupter like PEXA fit with your overall innovation strategy? NAB is committed to providing a customer experience that is easy, personal and supportive. We know our customers and their needs are changing, and so we need to change the way we engage with them. We’re focused on delivering digital solutions that are driven by customer needs, but that doesn’t mean everything is going to be digitised, particularly where relationships and human advice counts. PEXA represents an excellent opportunity to complete settlements in a faster more efficient way and give customers a better experience. Q. Can you share any insights on what happens behind the scenes now that mortgage transactions are moving online? The introduction of PEXA has introduced a new collaborative approach within the industry, with a common goal of improving the customer experience and delivering the best outcome possible. Collaboration, internally and externally, is the key to driving sustainable improvements across the industry in the interests of all customers. Q. Do you expect digital mortgages to result in happier customers and to even shift the needle on your customer engagement scores? A property settlement can be a stressful experience, and NAB’s aim is to make things as easy as possible for our customers. PEXA removes manual processes so customers can have peace of mind that there is less risk of delays. It means things will be easier and quicker. Q. Spearheading the push to improve the final stage of transacting property, 125 lenders and 4,390+ lawyers and conveyancers have now joined PEXA’s national e-Conveyancing network. What advice do you have for those yet to join the network? The digital age is here and the property industry is moving towards 100% digital settlements. Within a few years, we expect the majority of transactions will be performed electronically, so I encourage more people to join up to increase process efficiency and customer satisfaction. For more information about becoming PEXA-ready or subscribing to the network please contact Marielle Yeoh, Chief Financial Services Officer, PEXA: Home loan refinancing time slashed 2017-08-01T23:36:29Z home-loan-refinancing-time-slashed If you’re living in Victoria or New South Wales, the next time you refinance your home loan there’s a good chance that the mortgage will be lodged online. Why does this matter? For a few really good reasons. Firstly, 1 August 2017 is the banking industry deadline for paperless refinancing. It marks the first compliance date for how refinance transactions must now be lodged with land registries in these two states. Western Australia follows suit in December. Secondly, and most importantly, home owners looking to refinance in the event that interest rates trend upwards will benefit from the latest technology through Property Exchange Australia (PEXA). In the past a refinance could typically take more than one month to process. Now by digitising property exchange through PEXA, the time taken for a mortgage to move to another lender can be significantly reduced. Mortgage lenders Australia-wide are now digitising back office operations. This is a huge milestone with more than 120 lenders now signed up to exchange property online through PEXA’s network. To date the value of property transacted on PEXA’s network is almost $58 billion. PEXA at a glance: - A world-first digital platform for completing online lodgement and property settlements - Conveyancers, lawyers, banks and land registries interact, collaborate and share information - Banishes cheques, postal services and attending settlement in person -  PEXA integrates into state-based land registries' databases - Property sellers' funds can be promptly banked. This contrasts with waiting days for cheques to clear -  The value of property to date transacted on PEXA’s network is almost $58 billion PEXA evolved from a 2010 Council of Australian Governments' mandate to deliver a national e-Conveyancing solution in collaboration with the Australian Bankers’ Association, the Australian Law Council, the Australian Institute of Conveyancers and the four major banks to reform a paper-based settlement system dating back to the 1850s. PwC's Digital Property Report cites key opinion leaders calling to bring conveyancing into the 21st century For more information, please contact: Kerrina Lawrence, General Manager, External Communications, PEXA 0434 198 427 |   MinterEllison takes property settlement online 2017-05-02T04:05:14Z minterellison-takes-property-settlement-online Leading Australian law firm MinterEllison has completed its first property transfer involving financial settlement using the PEXA platform. The transaction was the sale of a residential property in Perth for a registered Australian Charity, a long standing client of MinterEllison. The settlement occurred online, in little over 15 minutes, without any party having to leave their office. The funds were transferred to the client’s account immediately after completion.  As the buyer was an investor who financed the purchase, there were three parties represented in the PEXA workspace – the vendor, the buyer and the bank financing the purchase. MinterEllison's Innovation and Networks Leader, Andrew Cunningham, said the benefit for the client using the PEXA online platform is considerable. "The real property industry is going through a rapid transformation, backed by state governments and land registries. We're proud of MinterEllison's ability and readiness to adopt these changes to assist our clients, he said."  Over the past six months MinterEllison has been running a pilot of PEXA, completing more than 80 simple lodgements electronically, including Discharges of Mortgage, Caveats, Settlement Notices and more recently Priority Notices. "Adding stand-alone financial settlements to the scope of our work in PEXA was a logical next step," Mr Cunningham said.  MinterEllison's property team is one of the largest in Australia, with 36 partners and more than 140 lawyers across the country delivering a comprehensive range of property-related legal services for developers, investors, owners, landlords, property fund managers and governments. Perth-based Senior Paralegal, Emma Cummings, who led the team on the property settlement, said the process was seamless. "I’m looking forward to working full time on the PEXA platform. It's an easy, productive and collaborative way to conduct settlements," she said. PEXA is an electronic conveyancing platform used across Australia to lodge land registry documents and complete financial settlements. Western Australian downturn no barrier for home-based property settlement agents 2017-05-02T02:44:25Z western-australian-downturn-no-barrier-for-home-based-property-settlement-agents-1 The softer Western Australian economy that emerged in the wake of the State’s mining boom is just one of the reasons why more settlement agents are electronically transacting property. That’s the view of Kewdale-based Pty Ltd owner Raelene Bennett. As a licensed real estate and business settlement agent, Raelene explains why property professionals need to get comfortable with digital change. The economy has suffered in the west with more mortgagee sales “The economy has suffered in the west with the contraction of the mining boom in the past few years. Times are definitely harder. The economy has slowed. People no longer have as much disposable income. There are also more mortgagee sales as a result of job losses,” said Raelene. “I’ve overseen residential, industrial, business and commercial property matters throughout my career – a very diverse set of different settlements. I’ve worked for lawyers to whom I sold a co-owned settlement agency. When personal circumstances meant that a home-based practice was the only viable option, I left the legal firm and with their consent started my own settlement agency from home.  If I’m going to continue my career working from home I need to expect ongoing change.” When times are hard the electronic property settlement system can help “When times are hard the electronic system can help. It costs money each time agents have to run back and forth to Landgate and banks on St Georges Terrace. Now that I’m settling electronically I no longer need to engage an external clerk or other out-sourced assistant. Plus my paper work is halved so I’m cutting down on other costs that come with running a home office. We can’t run around for half a day picking up bank cheques each time a settlement is due “There are other agents just like me who are working from home as small business owners. We can’t be spending half a day at banks collecting bank cheques and then banking on behalf of clients each time a settlement is due. On the day of settlement I have the PEXA system running in the background on my computer. This means that I can get on with my value-add work including calling customers. Initially I was a bit slow to move to PEXA. But when I caught the flu two years in a row it was a big impetus for me going online. I can tell you it’s much easier to be at home with a hot chocolate watching settlement from the comfort of my computer instead of coughing over people at the place of settlement who don’t want to be surrounded by sick people. Here’s how the PEXA system works… Unlike with paper settlements, when you go electronic you KNOW that the documents are correct. The documents have to be correct or the system won’t proceed. There are two to four parties in PEXA’s electronic workspace – two settlement agents and the banks – checking all the documents and that the financials are in order prior to the final transaction.  Everything must balance to the last cent. Practitioners not using PEXA’s digital platform need to take a deep breath and calm down. Everything adds up. With a manual settlement you might have done everything right but one of the lender’s might have a problem with the discharge of mortgage. Even if there’s an error that presents in the electronic workspace the transaction gets pushed forward to the next hour so that the documents can be fixed – plus there’s no running around to get the client to fix this up. Any problems are easily and quickly rectified. PEXA Support is there to help Fiona Rodda is my support person and she’s fantastic having also worked as a professional conveyancer. Together with her personal help (or that of the PEXA WA-based team) I reach out to the PEXA support line when I have questions or queries. Problems always occur in our profession – let’s get over it “There’s been some push back to take property transactions online. I don’t understand this. People are already searching for sale properties online before they reach out to settlement agents. And let’s face it, irrespective of whether a settlement is paper-based or electronic, when a problem arises many agents in our profession get upset. Personally I’ve had plenty of panic attacks. But we manage through and then get over it and move to the next settlement. Job done. Some issues are unique and will only be ironed out once they present “Not all settlements are the same. Some issues are unique and will only be ironed out once they present. You can never iron out every little error as property transfer is complex. My advice is don’t worry. The PEXA support service is there to help. If there’s a deadline and people cooperate they will sort out the little hiccups. You can’t have a set of criteria on what will crop up. For example, the financing details for customers are unique. With one settlement on PEXA – in Bunbury and Perth – I helped the other side through the transaction. At the time it was stressful but the next time that the matter arises we will know what to expect and troubleshoot. There’s nothing that can’t be overcome. PEXA is evolving as more people use it.  Settlement rules, regulations and legislation change constantly and we have to adapt – it’s a lesson in change. In any settlement there are fees and costs that have to be paid by the client “PEXA is time-saving and convenient for our customers – especially the ones that are, for example, interstate - selling in WA and moving to QLD. Settlement agents can help these customers by saying: ‘let’s save you the stress by electronically tracking the progress of your final sale so you can quickly receive your sale money once the transaction is complete.’ For buyers there’s no waiting and little or no risk as they are promptly on title. In any settlement there are fees and costs that have to be paid by the client. The benefits are there if you know how to sell them. I include the PEXA fee in the total that I charge. It’s an approach that works for me and for my customers. In the early days no one wanted to use the OSR online revenue system “As an industry we need to get used to change whether we like it or not. When I started out I saw the arrival of the computer era as quite threatening. I remember past days of lodging contracts with revenue online at the Office of State Revenue (OSR). Back then no one wanted to use the OSR system. There were a few problems at first that were later ironed out. But now everyone is on board. I can tell you that there is not one person that wants to go back to the days of spending hours at the office of state revenue waiting for stamping. The mandate timeline is a good thing “The regulatory timeline for digitising property transactions is long overdue. For example, in the case of putting clear title cash settlements through the electronic system by 1 October 2017 – how difficult will that be? The more agents use the system the more savvy they will be. Or if this doesn’t seem straightforward for agents then they can contact a PEXA support team member who can log on to the back end and help out. The mandate timeline is a good thing. Otherwise we’ll procrastinate as an industry and miss out on the benefits and savings that come from using the system.” PEXA has dedicated Western Australian-based specialists trained to guide your practice to a digital future. Even better, it's a free service. Get started by emailing