Th The Fu Futur ture e of f eConveyancing onveyancing Off ffice ice of the Re Registr trar ar-Gen General eral
Se Session ion two wo – the he cur urrent ent state ate Graeme Jackson Registrar-General Departme partment nt of Planni nning ng, Transpo ansport rt and Infrast astru ructure cture 2
Th The c e cur urre rent nt st stat ate eCo Conveyan yancing cing take up Other States pushing forward with mandating Victor toria 31 October 2018 - all eligible dealings in series & stand-alone. Western stern Au Austr trali alia a 1 December 2018 – all eligible dealings in series & stand-alone. Ne New w South Wales 1 July 2019 – all mainstream property dealings. 3
Th The c e cur urre rent nt st stat ate eCo Conveyan yancing cing take up Dealings already mandated for electronic lodgment in SA » stand alone mortgages » stand alone discharges » refinances Current statistics 4
Th The c e cur urre rent nt st stat ate Discharg arges es 100% 5000 90% 4500 80% 4000 70% 3500 60% 3000 50% 2500 40% 2000 30% 1500 20% 1000 10% 500 0% 0% 0 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Dis ischarge Paper Dis ischarge Ele lectr tronic Dis ischarge % Elec 5
Th The c e cur urre rent nt st stat ate Mort rtgag ages es 100% 5000 90% 4500 80% 4000 70% 3500 60% 3000 50% 2500 40% 2000 30% 1500 20% 1000 10% 500 0% 0% 0 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Mortgage P Paper Mortgage E Electr tronic Mortgage % % Elec 6
Th The c e cur urre rent nt st stat ate Transfers sfers 100% 5000 90% 4500 80% 4000 70% 3500 60% 3000 50% 2500 40% 2000 30% 1500 20% 1000 10% 500 0% 0% 0 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Transfer P Paper Transfer E Ele lectr tronic Transfer % % Elec 7
Th The c e cur urre rent nt st stat ate Caveats ts 100% 300 90% 250 80% 70% 200 60% 50% 150 40% 100 30% 20% 50 10% 0% 0% 0 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Caveat P Paper Caveat E Electr tronic Caveat % % Elec 8
Th The c e cur urre rent nt st stat ate Summary ary electro troni nic c lodgment ent rates es 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0% Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Dis ischarge % E Ele lec Mortgage % % Elec Transfer % % Elec Caveat % % Elec
Th The c e cur urre rent nt st stat ate Co Consultati ltation on progra gram m Initial stakeholder meetings undertaken in June » Targeted approach » 27 stakeholders » Report published online (see CIB 315) » Some common key questions and concerns 10
Th The c e cur urre rent nt st stat ate Co Consultati ltation on progra gram m Common questions and concerns » Fraud & online security: rity: risks associated with unauthorised access to Workspaces. » Impacts acts on jobs and businesse esses: s: anticipated efficiencies reducing business and job opportunities. » PEXA: A: service capabilities; system capacity and outages; and, provision of advice on serious issues. » Delays ys caused ed by financi ncial l institutio titutions: ns: failure to follow guidelines in relation to timeframes. » Practitione ctitioner r trainin ining and education: tion: more education and support needed. » Value e to custome tomers: rs: client perception of value for money from the eConveyancing process. » Additional tional ELNOs: Os: interoperability; choice of ELNO; regulation concerns; and, transparency of fees. 11
Th The c e cur urre rent nt st stat ate Co Consultati ltation on progra gram m Online survey undertaken in August » Open to everyone » 176 responses received from across industry » Thoughtful, detailed feedback 12
Survey feedback - All respondents What is your profession? Do you currently use eConveyancing? Yes No
Survey feedback - Those respondents not not currently using eConveyancing Would you like to use eConveyancing in the Have you previously used eConveyancing? future if your concerns were resolved? Yes No
Survey feedback - Those respondents not not currently using eConveyancing Please rate the effect of further mandating on the following business outcomes
Survey feedback - Those respondents who are currently using eConveyancing What are the primary benefits of eConveyancing?
Survey feedback - Those respondents who are currently using eConveyancing Please rate the effect of further mandating on the following business outcomes
Survey feedback - All respondents Should eConveyancing be further mandated?
Survey feedback - All respondents What are your primary concerns about further mandating?
Th The c e cur urre rent nt st stat ate Today’s forum Your questions answered Voice your perspective on the pros and cons of eConveyancing Examine options for the future Identify, and indicate, your preferred option Be informed about the policy process and timeframes going forward 20
Th Than ank you k you
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