Australia: All property refinancing transactions in NSW and VIC will now be digital

Mortgage lenders in New South Wales and Victoria must now use Property Exchange Australia’s (PEXA) digital property settlement platform to process property refinancing transactions. Marielle Yeoh, Chief Financial Services Officer of PEXA says that “PEXA has managed to eliminate pain points in the settlement booking process”. She also added that “there’s not that last minute running around reporting customers with finding documentation, giving them advice around going to collect bank cheques and all that sort of stuff. A lot of that is eliminated because that work has to be done electronically ahead of a PEXA settlement”. Whilst many lenders have already integrated PEXA’s system into their existing back-end processes and customers might not notice visible changes first hand, the PEXA platform will nonetheless help to increase transparency around settlement, standardize the uploading of documents and reduce the amount of time required to settle a refinancing transaction. RFi Group data from June 2017 illustrates that ease of providing documentation may be a pain point for refinancers, with less than 1 in 2 Refinancers from the last two years indicating they were satisfied with this aspect of their application.

"Ease of providing documentation may be a pain point for Refinancers, with less than 1 in 2 Refinancers from the last two years indicating they were satisfied with this aspect of their application."


 

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