There was once a time when settlement agents, solicitors and bank representatives all met in a room to affect a property settlement and hand over titles and cheques. With everything becoming digital these days it was only a matter of time before this extended to the settlement process.

Property Exchange Australia (PEXA) is an online property exchange network which exists to help lawyers, conveyances and other professionals lodge transfer documents with Land Registries and complete settlements electronically. Manual conveyancing was considerably more labour intensive, whereas having all relevant information and documentation loaded onto this digital platform allows for a streamlined process, particularly as all payments are now made digitally rather than by way of cheque.

What are the Advantages of PEXA?

• It’s Faster: The entire process if much quicker, particularly with not having to wait for cheques to clear and having all documents loaded and checked online.
• It’s More Efficient: Without the need for postage and delays associated with paperwork errors, PEXA is much more efficient and there are fewer delays as result.
• It’s Cheaper:  Having everything online equates to a reduction in costs.
• It’s Less Stressful: Eliminating the requirement to lodge paperwork with the Land Title’s office and having the process instantaneous alleviates the stress of waiting for documents to be manually processed.

If you are purchasing a property make sure you check that your conveyancer uses the PEXA platform and they will be able to explain the process in detail answering any queries you have about the system and the process.

For any other questions relating to your property purchase or refinance speak to one of your Blackburne Mortgage Broking team.