Tasmania now stands alongside other states after joining the National Electronic Conveyancing System that not only makes it easier for property transactions to occur, but also cuts red tape.
The National electronic conveyancing system allows parties to electronically prepare and lodge dealings, exchange funds and will remove the need for paper documents, including paper cheques.
Minister for Parks and Environment, Nick Duigan, said the first electronic conveyancing land dealings have been lodged in Tasmania after the system went live last week.
Property Exchange Australia, known as PEXA, were approved to provide and operate the electronic network last month.
"This is an exciting milestone for the Land Titles Office with the National Electronic Conveyancing System creating a secure, accurate and efficient conveyancing process," Minister Duigan said.
"Our Government committed $2 million to see this project introduced, and implemented, leading to improvements to government processes and benefits to industry and the wider community."
Excitingly, Tasmanian banks were the first financial institutions to lodge land dealings with the Land Titles Office using PEXA.
"Many of the banking institutions in Tasmania are already using the same system in other states, so this will be a seamless integration, creating consistency and will result in efficiencies for customers," Minister Duigan said.
"Mortgages and discharges of mortgages are the first transactions live in Tasmania, with the full suite of property transactions to be online in early 2025.
"Reducing this red tape is another step to make Tasmania the best place to live, work and raise a family, which is what our 2030 Strong Plan for Tasmania's Future is all about
Mel Kerrison, Managing Director of Rae & Partners:
"Rae & Partners is excited by the opportunities that PEXA brings to our clients and Tasmania more generally! No more waiting on documents to arrive in time for settlement," Ms Kerrison said.
Paul Ranson, Bank of us CEO:
"For Bank of us it is all about the customer," CEO Paul Ranson said.
"We see eConveyancing as a means of providing faster turnaround times and greater accuracy, which will further enhance the experience for our borrowers.
"As a Tasmanian bank, it was important to us to support the Government's roll-out of eConveyancing and we're delighted to be the first bank to successfully complete the process."
