Streamlined property settlements received a boost last week with the announcement in the Victorian State Budget of a further $6 million in funding for electronic conveyancing.
Minister for Planning Justin Madden said that the budget would provide the funds necessary to complete the development of and to switch on Victoria's new electronic conveyancing system to support faster, more efficient property settlements.
"The introduction of electronic conveyancing for property transactions is part of our very clear intention to cut red tape in business," Mr Madden said.
"It puts Victoria at the forefront of the Australian states and indeed makes it a world leader in financial property settlement and lodgement of land transfers and mortgages."
Mr Madden told Parliament that financial institutions like Westpac, ANZ, Commonwealth Bank, National Australia Bank, Macquarie Bank and Bendigo Bank are already using mortgage transactions as part of the electronic conveyancing system.
"Even greater benefits will emerge in stage 2, and that will do away with the paper shuffle that often goes on with these transactions where a number of parties have to come together and shuffle papers in order to settle a transaction.
"This will mean a saving on average of up to $395 per four-party settlement and an average saving of up to $108 for each vendor and purchaser," Mr Madden said.
