Authority Update SA & WA: Alteration to the Discharge of Mortgage lodgement fee procedure

From the 1st December 2017 there will be a change in the Discharge of Mortgage lodgment fee procedure in both Western Australia and South Australia.

If you are conducting an electronic settlement, the Incoming Mortgagee will provide the amount for this statutory fee, rather than the Mortgagee on Title or Proprietor on Title (vendor).

Where there is no Incoming Mortgagee, the Incoming Proprietor (purchaser) will provide the amount. The seller must therefore allow a reduction on the balance of purchase monies.

These change means all states that complete property transactions online will then be aligned

To maintain consistency across all scenarios, industry has decided to replicate this change for paper settlements.

All lenders who have an active presence in Western Australia and/or South Australia are working towards operationalising this change in readiness for the switch-over on 1 December 2017.

For more information please visit https://community.pexa.com.au/t5/Frequently-Asked-Questions/Discharge-of-Mortgage-lodgement-fee-national-alignment/ba-p/5565#M29

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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.