15 Mar 2022

PEXA: The Basics of the Property Exchange Australia

Property Exchange

Similar to other industries, the real estate field has seen several technological updates. Mortgage House is a non-bank lender that brought innovation to the lending industry since 1986. Among the innovations that Mortgage House brought was giving our loan specialists tools that help them evaluate applications more efficiently. We optimised the lending process by taking several aspects online. Plus, we offer several online tools to our clients including our car loan calculator.

Property Exchange Australia is another technology-based change that impacts the real estate industry. In 2010, PEXA launched. The software grew out of an initiative from the Australian government. It wanted to reduce paper waste. Most people know that real estate transactions require several stacks of paperwork. The application process for a mortgage alone creates reams of paperwork. 

PEXA focuses on the closing stage of a property exchange. Individuals involved in a property settlement can use the software to create a partnership. Property representatives, lawyers, conveyancers, and financial institutions get together online to settle the property. It saves time and paper. Since the transaction takes place online, less travel is needed too. Some things still require a paper record and in-person meetings. Everything that leads up to the transaction can take place online. 

Mortgage House works similarly during the application process. 

PEXA Conclusion

Like PEXA, Mortgage House provides several technology-based upgrades to the lending process. Homebuyers can enjoy our online tools for free. Plus, they help them prepare for the application process. Contact our loan specialists to obtain more information.

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