Authority Update - NSW - Electronic Refinances from 1 August 2017

The next stage of the NSW Government's work with industry to make all standard property transactions in NSW electronic by 1 July 2019 has begun;

Electronic Refinances 
From 1st August 2017 Refinance transactions involving a Discharges of Mortgage and Mortgages where both mortgagees are Authorised Deposit-Taking Institutions (ADIs) must be lodged electronically. 

Access the full list of ADIs on the http://www.apra.gov.au/adi/pages/adilist.aspx

This rule does not apply where the discharges of mortgage and mortgages are to be lodged with any other dealings affecting the same folio of the Register. e.g. transfer of land

The requirement to lodge mortgages and refinances electronically is subject to exceptions that are explained in more detail below.

Exceptions
The Registrar General under section 12E(10) of the Real Property Act 1900 has partially waived compliance with the provisions of Rule 8.4.2 in the following two circumstances:

  1. Non ELN-enabled Jurisdictions

    Certain transactions that fall within Rule 8.4 may involve land securities located in jurisdictions where land registries are not enabled for electronic lodgment through an ELN (“Non ELN-enabled Jurisdictions”).

    The Registrar General has given a partial waiver commencing on 1 August 2017 for these types of transactions. Please see refer to Waiver No: CR 1/2017 for further information and when that waiver expires.

  2. Non-Land Securities

    Certain transactions that fall within Rule 8.4 may involve non-land securities (including, but not limited to, bank guarantees and water access licences) which cannot be traded electronically through an ELN.

    The Registrar General has given a partial waiver commencing on 1 August 2017 for these types of transactions. Please see refer to Waiver No: CR 2/2017 for further information and when that waiver expires. 

Lodgment of Paper Transactions 

From 1st August 2017 where the first mortgagee on title is an ADI, and they lodge a paper transaction, they will receive an electronic Certificate of Title (eCT) on registration of the paper transaction. 

No paper certificate of title will be issued where the mortgagee is an ADI except where the Folio of the Register is not electronically tradeable. 

Related Information can be found at: 

More Information 
Email enquiries to econveyancingnsw@lpi.nsw.gov.au.

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Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.