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A national mortgage form is expected to be introduced this year as Australia’s electronic conveyancing network continues its rollout.
Brokers have until January 29 to offer feedback on the draft version of the national mortgage form, which has just been released after more than two years of development.
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The working group consisted of banks, land registries and Property Exchange Australia (PEXA), the group that is overseeing the rollout of the e-conveyancing network.
One reason for having a national mortgage form is that it will standardise and streamline the process of preparing mortgages across all states and territories, regardless of whether lodgement is made by paper or electronically.
Another reason is that e-conveyancing will not allow lenders to have their own individual forms.
It is not yet known when the national mortgage form will be unveiled, but it is expected to happen in 2015 at different times in different states, according to NSW Land & Property Information.
“It is important to recognise that land registries, banks and other mortgagees will need to have a considerable lead time to make the necessary IT changes, process re-engineering and staff training before they can implement the mortgage form, which is likely to take at least six months from the time the mortgage form has been settled,” the department said.
Online property transfers became possible in November, although Land & Property Information said “it is expected that paper-based conveyancing will be with us for some time”.
[Related: New mortgage tech means faster commissions and less fraud]
