HQF Lawyers
Brett Mason-Smith
TODAYS AGENDA
9.40am Welcome & PEXA update 15 mins Brett Mason-Smith & Ian Hendey
9:55am Practitioner Perspective 15 mins Joe Welch – Hickeys Lawyers
10:10am Practitioner Perspective 15 mins Carol Taylor – Taylor Law &
Conveyancing
10.25-10.55am
MORNING TEA 20mins
11.00 Your trust account and PEXA Video 10 mins Video by Bill Hourigan – QLS
11:10 am Financial Institution update 30 mins Marijana Markovic
11:40am Panel Q&A Session 30mins Hosted by Brett Mason-Smith
12:00pm Close – Listening post open
Chief Practitioner Services Officer, PEXA
PEXA Update
Ian Hendey
How is PEXA’s platform transforming the industry
PEXA’s platform is transforming the industry
7 © Property Exchange Australia Limited (PEXA) 2017.
PEXA Snapshot as of August 2018
Over $203 billion
worth of property value settled
Over 1.5m+Property transactions
completed
~7,032Practitioner Firms
RegisteredAustralia-wide
~150Financial Institutions
Australia-wide
50%+ of all
lodgements are digital
via PEXA nationally
8
PEXA’s operational infrastructure to Support the Network
Hickey Lawyers
Joe Welch
Practitioner Perspective
Presenter: Joe Welch, Partner
Level 6, Corporate Centre
Bundall Rd & Slatyer Ave
Bundall Qld 4217
Phone : +61 7 5556 7400
www.hickeylawyers.com.au
Paper VS Pexa
�My background
�Not legal advice
Paper VS Pexa
What changes in the process?
� When did Hickey Lawyers start using PEXA?
� February 2017- March 2017
� Why not earlier?
� Why not later?
Paper VS Pexa
� Why did Hickey Lawyers start using PEXA
� Competitive cottage conveyancing
� NSW conveyancing and mandate
� Simple process / no one is late for settlement / less settlement risk
� Client property developers
� FOMO
� Don’t leave till the last moment – at your own speed
Paper VS Pexa
� The transitional changes required for Hickey Lawyers internally
� PEXA attended and internally trained staff
� MPR & Client Authorisation (multifactor authentication)
� Initial conveyancing letters – authorization
� One on one training / conveyancing staff and Partners
� Troubleshooting training
� Trust accounting
Paper VS Pexa
� The benefits using PEXA� GST and CGT Withholding� No physical settlement
� Not having to send staff out to draw or deposit bank cheques
� Documents are lodged electronically via PEXA
� Same day registration� Less people to attend settlement
� Same day money transfers
Paper VS Pexa
� Can’t see us going backwards
� NSW & VIC mandate
� Business Case
� PEXA is user friendly
� Change is as good as a holiday
� Rip off the Band-Aid
Queensland Law Society
Your trust account and PEXA - Video
Bill Hourigan
INSERT VIDEO
Financial Institution Update
Marijana MarkovicExecutive Manager – Financial Institutions, PEXA
Financial Institutions Summary
• 155 + Financial Institutions Australia-wide registered with PEXA
• Familiarise yourselves with the Industry Guidelines
• Financial Institutions are Integrated; Workflow and Payment Integration
• The industry working together to ensure an efficient digital process
Transform Together
• Bank readiness for mandate timelines
• Proactive Invitations
• Banks supporting escalations and settlement booking lines
• Member Feedback
25
Payout figure no later than 10am day of settlement
Movement of settlement date and time
Loan funds loaded 10am morning off settlement
Conversations response time & utilizing the
workspace checklist
Transfer Guidelines
Banks Supporting Practitioner Market
Panel Session Q&A
Thank you for attending