this product is unavailable for purchase using a firm account, please log in with a personal account to make this purchase.

Select from any of the filters or enter a search term
Calendar
Calendar

Changes to lodging mortgages and discharges of mortgage

Changes to lodging mortgages and discharges of mortgage

By LIV Legal Policy

0 Comments


A discharge of mortgage signed on or after 1 March 2016 must be lodged by or on behalf of the mortgagee. The only exception is where the discharge is to be lodged with a transfer of land and/or a mortgage affecting the same folio(s). The practice of providing a discharge of mortgage to the registered proprietor to lodge at Land Victoria is no longer allowed.

Further, if the mortgagee is an ADI (authorised deposit-taking institution under the Banking Act 1959 [Cth]):

  • a discharge of mortgage signed on or after 1 August 2016 must be lodged electronically through an electronic lodgment network, except where the discharge of mortgage is to be lodged with any transfer of land or mortgage for the same folio(s) of the Register.
  • a mortgage to which the National Credit Code applies signed on or after 1 August 2016 must be lodged electronically through an electronic lodgment network, except where the mortgage is to be lodged with any discharge of mortgage or transfer of land for the same folio(s) of the Register.

PEXA (Property Exchange Australia) is currently the only electronic lodgment network.

To ensure you are registered with PEXA and have completed the PEXA training prior to the commencement date, Land Victoria strongly recommends that all ADIs, their conveyancers and lawyers apply as soon as possible to become PEXA subscribers. Details can be found at pexa.com.au/register.

For more information on the Registrar’s requirements for paper conveyancing go to www.delwp.vic.gov.au/publications.


Views expressed on liv.asn.au (Website) are not necessarily endorsed by the Law Institute of Victoria Ltd (LIV).

The information, including statements, opinions, documents and materials contained on the Website (Website Content) is for general information purposes only. The Website Content does not take into account your specific needs, objectives or circumstances, and it is not legal advice or services. Any reliance you place on the Website Content is at your own risk.

To the maximum extent permitted by law, the LIV excludes all liability for any loss or damage of any kind (including special, indirect or consequential loss and including loss of business profits) arising out of or in connection with the Website Content and the use or performance of the Website except to the extent that the loss or damage is directly caused by the LIV’s fraud or wilful misconduct.

Be the first to comment