Second bank joins PEXA
Home loan refinancing between two banks will soon be possible on the online property exchange, PEXA. National E-Conveyancing Development Limited, whose job it is to move conveyancing online, said yesterday that the National Australia Bank had joined PEXA. The New South Wales Land Registry has also joined, NECDL said in a newsletter.Land Victoria and the Commonwealth Bank of Australia began using the exchange in June this year to perform discharges and mortgages. NECDL said that "the inclusion of NAB means that existing participants will begin performing refinances online shortly."NECDL chief executive Marcus Price said. "We look forward to announcing the first successful refinance within the next month."NECDL said the Queensland and Western Australian Land Registries and the remaining major banks are scheduled to join the exchange by the first quarter 2014, along with a number of other banks.