Sydney, 22 August, 2006: The Australian Bankers’ Association (ABA) member retail banks will be participating in the first stage of a limited pilot of a Victorian electronic property conveyancing system.

Electronic conveyancing is designed to replace the exchange of hard copy property transactional documents that occurs on the settlement day of a property, with electronic documents.

David Bell, Chief Executive of the ABA, said: “The retail banks’ participation in the testing of the Victorian electronic conveyancing system is in the expectation that the system is capable of national application.”

“The pilot will provide valuable experience that will inform the wider national electronic conveyancing project being developed under the oversight of the National Electronic Conveyancing Steering Committee.”   

“The Victorian Government has made a substantial investment in devising an electronic conveyancing system and we are looking forward to the pilot test results,” Mr Bell said.  

The Stage 1 pilot will consist of testing one part of the electronic conveyancing process – the online lodgments of mortgages and discharges of mortgages by participating banks.

Banks that will be participating in this limited pilot include: ANZ, Bendigo Bank,
Commonwealth Bank, Macquarie Bank, National Australia Bank, Suncorp and Westpac Banking Corporation. 

Mr Bell said: “It is important that we have nationally consistent processes for all participants to follow in property conveyancing, otherwise the advantages of electronic conveyancing will not be fully realised.”

Notes for editors:

For more information on the Victorian electronic conveyancing system please visit the Land Exchange Electronic Conveyancing website

For more information on the national project please visit The National Electronic Conveyancing System

For further information:

Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439

ENDS