Electronic lodgement Stage 1 trials for Banks to begin shortly

It is reported that Stage one trials with EC Victoria involve the testing online mortgage document lodgment are about to begin. The trials will involve only the banks and will involve only two dealings
1. discharge of mortgage
2. registration of a fresh mortgage

Both these dealings are an integral part of the electronic conveyancing process.

According to the Australian Bankers Association, Mr David Bell, the banks that will be participating in this limited pilot include:

• ANZ
  
• Bendigo Bank
  
• Commonwealth Bank
  
• Macquarie Bank
  
• nab
  
• Suncorp; and
  
• Westpac
  

“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,” Mr Bell concluded.

Question. Will the borrower still sign a Mortgage? I assume the Borrower / Mortgagor will still execute a Mortgage in favour of the Bank, which the Bank will retain on file. The bank obviously wont be lodging the Mortgage over the counter.

Obs: I assume this Trial can only be effective for a Refinance. Logically if you are not registering a Transfer electronically, the Trial will exclude all Sales & Purchases.

We look forward to getting the feedback from the results.

The (un)official word is 2 major banks have already started the trial.