Electronic property exchange platform PEXA has now completed more than one million property transactions.
Property Exchange Australia (PEXA), which aims to provide a completely paperless mortgage process nationwide, saw more than half of these transactions in the last ten months.
Ninety-eight percent of Australia’s mortgage lending market and over half of all legal and conveyancing firms nationwide are on the PEXA platform.
Back in December Western Australia was the third state to switch to the PEXA program to introduce paperless processing for all loan refinances within the state.
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.
Since it began in 2010, PEXA has worked to establish a national industry climate, including 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.
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.”
PEXA, formed to fulfil a Council of Australian Governments’ (COAG) initiative, aims to deliver a national e-Conveyancing solution to the Australian property industry.