Conveyancing to go online

[Tools]

I received this from my accountant recently:


Conveyancing System to go Online

Are you?

- Involved in the property market?
At a glance:

- In an effort to reduce administrative red tape, the Attorneys General have agreed to recommend the implementation of a nationwide electronic conveyancing system.
You should:

- Keep updated on the electronic conveyancing system.
- Contact us if you require any clarification or advice.

1. The proposed system will allow those in the property market to complete land title work online, reducing waiting time and removing the need for 8 different systems across the states and territories.

2. "We now have all jurisdictions agreeing on the fundamental elements for a national system, which has the potential to deliver real benefits to individuals and businesses," said federal Attorney- General Robert McClelland.

3. Final approval of the national plan lies with the Council of Australian Governments.

4. The Attorneys General will meet again in July 2008 to talk about further harmonisation of laws that currently differ from state to state.


Remember:

- The nationwide electronic conveyancing system is not available yet.

 

[hobo-jo]

should decrease conveyancing fees

 

[Perp]

Hoorah! About time; property transactions have been very slow in entering the digital age.

Now if we can only reduce the volumes of paperwork that lending consumes, we'll begin to feel like we're in the 21st century....

 

[wylie]

Now if only the banks could get their act together and clear cheques like it is 2008 and not 1908......

 

[sailor]

Now if only the banks could get their act together and clear cheques like it is 2008 and not 1908......

...and banks would stop ginning around taking their own sweet time to do the paperwork for loans.

 

[Perp]

Now if only the banks could get their act together and clear cheques like it is 2008 and not 1908......

Allelujah! What's UP with that? Cheques should clear instantaneously, or at worst overnight. I loathe paper cheques, they're a pain in the *** to those of us who don't even know where our bank branch is (and like it that way).

...and banks would stop ginning around taking their own sweet time to do the paperwork for loans.

Oh lordy me, yes! I put in an offer to purchase a few months ago and thought "bugger it, I'm sick of mucking around hoping I'll get extensions on finance, and misleading the vendors into believing this'll be unconditional in 14 days", and faxed in an offer subject to finance within 30 business days and settlement ASAP thereafter.

The real estate agent rang and gave me a huge serve (unbelievably obnoxious ***hole) about how ridiculous that was, and who the heck did I think I was and what was I playing at, etc. I said "look, I can lie to you and say 21 days, but the fact is, my lender's never that quick, and my broker tells me that no other lenders are any faster. If I can get my finance approval faster, I'll be delighted, and I'll happily bring settlement forward, but I'm just trying to be honest - my experience is that the lender simply can't move that quickly."

The real estate agent kept abusing me - gosh he was SO rude! - about how "everybody" puts in 14 or 21 days for finance, and I said "yes, I know everybody does it. I've always done it in the past. And I've always had to ask for extensions, and my solicitor tells me nearly every other purchaser has to do the same. I'm just trying to be honest up-front."

I do think it's ridiculous how long the lenders take, but at the same time, we all know that, so why was this agent so hostile to somebody trying to be ethical?

 

[sailor]

Tracey, I don't understand why the banks take sooooo loooong to do their paperwork. They look at your figures and can say yes or no, almost immediately. So what takes them so long to fill out their own forms, or input the data into their own computers?
I'm now wondering if they are understaffed in their lending depts, or simply inept?

I also found this:
http://www.choicehomeloans.com.au/images/loan-application-process-flyer.pdf
...but it doesn't explain why the banks take so long....nor exactly what they do to process a loan.

 

[Perp]

Tracey, I don't understand why the banks take sooooo loooong to do their paperwork. They look at your figures and can say yes or no, almost immediately. So what takes them so long to fill out their own forms, or input the data into their own computers?
I'm now wondering if they are understaffed in their lending depts, or simply inept?

I've assumed that they're simply understaffed, but I'm not sure. If lending is a profitable business - and I'm assuming that it is - then surely they can afford to put on enough staff to process loans? I don't get it, either. I just know it's infuriating.

And it ticks me off that I try to be honest and ethical with a vendor and, for my trouble, cop abuse from a cocky real estate agent. He really was unbelievably aggressive and rude. Seems he'd prefer that I'd made a commitment that I knew my lenders couldn't live up to.

 

[hobo-jo]

Now if only the banks could get their act together and clear cheques like it is 2008 and not 1908......

Is that a joke? More like if only customers would get their act together and use a payment system that wasn't around 100 years ago

Simply it would be impossible to clear them in the branch as obviously the balance of the other account needs to be checked for funds. Where I work if a cheque is banked before they courier them to town at the end of the day it can be as short as a 1.5 day wait for clearance. If they were banked for example on a Monday before 3pm, it would be sent to town that afternoon, checked with the the issuing bank on Tuesday and if all clear funds would be available to the customer 9am Wednesday morning. If you ask me that's a pretty reasonable turnaround time for such an archaic payment system.

 

[wylie]

Exactly why I haven't had a cheque account for several years. Long live internet banking .

 

[Perp]

More like if only customers would get their act together and use a payment system that wasn't around 100 years ago

I couldn't agree more... but unfortunately, some tradies only accept cheque or cash payment (cash? isn't that the stuff you use to buy newspapers and mixed lollies? ), and several real estate agents/solicitors etc tell me that "legislation requires" all transactions through a Trust account to be via cheque. (I've heard this many times, does anybody know for sure if this is true, or is it an outdated interpretation of traceability requirements?) I keep a cheque book purely for these rare circumstances, but I more frequently receive cheques from others, which I find a pain in the butt. If the cheque's under $1000 it can go months before being banked. If it's under $100, it's likely to get lost or expire un-cashed. I have on more than one occasion lost my right to cash a cheque altogether because apparently you only have 18 months to bank the stupid things. And people ring me and ask "are you going to cash that cheque?" because my cheque keeps coming up on their monthly reconciliation and annoying them, apparently. I find it hard to feel guilty, when I didn't want to be paid with a bloody cheque in the first place! Maybe if they get annoyed enough they'll get with the times and get rid of their cheque book.

If banks got rid of cheque facilities altogether, outdated institutions wouldn't be able to insist on receiving them, or be able to write them and inconvenience other people who live in the 21st century.

BTW, do you know how heavily they use cheques in the USA? And not only do they use them a lot, they fill in memos that the bank goes to the trouble of recording, and actually return all the original cleared cheques to the recipient! How can they operate a first-world economy shuffling so many little bits of paper around like that?

 

[Perchy]

Commonwealth Bank to invest $580 million on IT refresh

http://about.commbank.com.au/group_display/0,1922,CH2071%5FTS18278,00.html
http://www.itnews.com.au/News/NewsStory.aspx?story=74995

Finally one of Australia's banks are going into Enterprise Resource Planning software use - something large companies world wide have been aiming 2 decades.

What it means from a consumer's point of view? Once the initial implementation phases have been cleared properly )looking at a 5-10 year phase depending on their legacy, employee and how much they willing to invest) - proper data integrity, fast instant transactions, proper management of fees, better customer relationship management

Great work if you can get it!

 

[s_t]

......................
Simply it would be impossible to clear them in the branch as obviously the balance of the other account needs to be checked for funds. ..............

And with todays technology that is impossible???? Yes, it is with there current systems of processing checks, and we wouldn't want to change that would we

 

[sailor]

And with todays technology that is impossible???? Yes, it is with there current systems of processing checks, and we wouldn't want to change that would we

...and even with our current technology, it still takes 2 days to pay something electronically....hellooooo!

 

[NorwegianBlue]

A couple of months ago, I wanted to pay a deposit for a property into the agent's trust account - about $15k IIRC. That was over my online daily limit so I had to go to the branch. My helpful teller gave me two choices;

1. pay it electronically for a $30 fee and estimated 2-day clearance

2. withdraw the cash, and take it over the road to the other bank (no fee)

I chose the cash option but wondered if I'd woken up in a different century...

 

[NOT 2 L8]

...and even with our current technology, it still takes 2 days to pay something electronically....hellooooo!

Have you noticed,though, that as soon as you make an electronic transfer or payment the balance on your account is immediately adjusted. Yet, the recieving party do not have the deposit into their account for 2 - 4 days depending on when the transaction takes place.
This means you get no credit in your offset and the other party gets none in theirs either.

Technology working for the banks????? NEVER!!!!!!!

Cheers Chrisv

 

[hobo-jo]

And with todays technology that is impossible???? Yes, it is with there current systems of processing checks, and we wouldn't want to change that would we

What are you referring to when you say 'todays technology'? Sorry but that comment is not justified. Of course it's not 'impossible', but who is going to develop and pay for the interbank software platform to check balances between institutions, the extra teller training to pick out a well frauded cheque and the increased cost there will be in staffing the financial crimes area which would likely double or triple with such a stupid system. Seriously, instantly cleared cheques? I think not.

...and even with our current technology, it still takes 2 days to pay something electronically....hellooooo!

Depends on the institution. Some institutions can do instant/same day or overnight transfers between accounts at the same institution (via net banking).
It's possible for same day electronic (or otherwise) transfers between different institutes currently, you will just pay more for the service as generally there will be manual processes in place to facilitate such a transfer. Ask your bank about a swift/same day transfer or warrants.

 

[stumunro]

ozperp you should try my broker ive always been able to get finance approval within 14 days, but ive heard her on the phone and she is a real bull dog to the banks

 

[ianvestor]

Long live internet banking .

The problem with that is the limits imposed. No matter how much I claim to be responsible for my own accounts' security, etc. the (comm) bank simply won't give me the power to transfer say $200,000 electronically. Stupid limits are imposed that are looking more and more like pocket change as time goes on.

 

[Perp]

What are you referring to when you say 'todays technology'? Sorry but that comment is not justified. Of course it's not 'impossible', but who is going to develop and pay for the interbank software platform to check balances between institutions, the extra teller training to pick out a well frauded cheque and the increased cost there will be in staffing the financial crimes area which would likely double or triple with such a stupid system. Seriously, instantly cleared cheques? I think not.

hobo-jo, with respect, it sounds like you've been working for/with a bank for too long, mate! Instant clearance of cheques may not be feasible - so get rid of them. Paper is so second millenium!

The ability to instantly transfer money between accounts at different institutions - via some means other than carrying suitcases of cash around - is, IMHO, an entirely reasonable expectation in 2008. (And not via paying $30 for the privilege and still not having it happen instantly.) Instant transfer should be the standard level of service in 2008, and banks should invest in the necessary infrastructure (which is available, or can be developed). If the bank wants biometric scans, a mortgage over my house to guarantee it, sufficient deposits in other accounts to cover the amount, etc, whatever it wants to ensure the bank's not out of pocket, I'll do it, but I want the convenience.

The problem with that is the limits imposed. No matter how much I claim to be responsible for my own accounts' security, etc. the (comm) bank simply won't give me the power to transfer say $200,000 electronically. Stupid limits are imposed that are looking more and more like pocket change as time goes on.

With you 100% on this one, too, ianvestor. If I'm willing to risk sending my $50K - or $200K, or whatever - into cyberspace, why shouldn't the bank let me? I'm frequently setting up a payment of $10K per day for x days, or whatever it is, so that I can get transfers completed.

It's this kind of archaic limitation, I presume, that sends businesses back to using cheques. They may be cumbersome but at least you can write them for significant amounts. Surely everybody - the bank, the business, and the recipient - would be better served by having the business electronically transfer $100K to a recipient (instantly of course) than by having to have the business write a $100K cheque, put it in the postal system, get the recipient collect it with their mail, drive to the bank and use up a teller's time to deposit it, then wait a few days until a highly-trained fraud detector can spend time perusing the cheque before it can be cleared?