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What is PEXA and how does it impact my settlement?

Picture of Lindel Enticott Lindel Enticott Sep 23, 2025 5:08:22 PM

Victoria Buying Selling Settlement
What is PEXA and how does it impact my settlement?

If you’re buying or selling property in Victoria, there’s a good chance your settlement will happen through PEXA (Property Exchange Australia): Australia’s first national online property settlement platform).

In Victoria, electronic settlement is now mandatory for nearly all property transactions.

Instead of traditional paper-based settlements, where cheques, title documents, and agents used to meet in person, PEXA lets everything happen digitally, in real time.

How PEXA Works

PEXA brings together all parties involved in a property transfer into a secure digital workspace:

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Each party checks then digitally signs documents, confirms payment details, and once everyone’s ready, PEXA:

  • Transfers funds between banks

  • Lodges documents with the Land Titles Office to register the property in the new owner's name

Instead of all parties meeting in a shared physical location and handing over paperwork and cheques, these same parties now ‘e-meet’ in an electronic platform to exchange documents and funds. Funds are directed to and then disbursed from the Reserve Bank of Australia during the settlement.

PEXA benefits for purchasers

  • Faster Title Registration
 Your name is registered on the title, usually immediately upon settlement, no waiting weeks for paper lodgement.
  • Secure Funds Transfer
 PEXA uses encrypted bank-grade security to ensure your funds and data are safe. No paper cheques, no delays, reducing the risk of paper-based fraud.
  • Real-Time Confirmation
 We’ll confirm when settlement is complete, usually within minutes. That’s your cue to collect the keys and start moving in.
  • Streamlined Stamp Duty Payment
 Stamp duty is calculated and paid electronically through PEXA, saving time and reducing the chance of errors.

 

PEXA benefits to vendors

  • Immediate Fund Release 
 Once settlement occurs, your net proceeds are transferred directly to your nominated bank account, sometimes clearing the same day, with no deposit delays or personal attendance at your bank.
  • Simple Discharge of Mortgage
 Your bank’s payout is coordinated automatically through the PEXA workspace. We handle the timing and confirm when your loan is cleared.
  • Peace of Mind
 There’s a clear digital audit trail. You’ll know exactly when documents are signed, funds are transferred, and title has moved.

What is the PEXA Member Advisory Panel and why is it good news for Prepared clients?

Behind PEXA’s national system is a carefully selected advisory panel shaping how digital settlements evolve.

 


The PEXA Member Advisory Panel is a national group of industry leaders, lawyers and conveyancers handpicked to provide feedback, insights, and direction on how PEXA’s platform operates and improves.

Prepared is proud to have a seat on that panel.
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Panel members collaborate with PEXA’s executive team to:

  • Identify and resolve challenges in the digital settlement space
  • Influence new platform features and updates
  • Share industry trends and client pain points
  • Ensure member voices shape future innovation

Prepared aren’t just using PEXA: we’re actively helping improve it.

Our voice at the table means your experiences, concerns, and needs during the electronic conveyancing experience are represented at the highest level.

As part of the panel, we’re among the first to know about and test new PEXA features. This keeps your transactions ahead of the curve and running on the latest, most efficient systems.

If something urgent or unexpected arises in a transaction, we can escalate issues faster and more effectively, because we’ve built relationships with the very people running the platform.

Being selected to sit on the advisory panel isn’t just an honour, it’s a signal that the solicitor is recognised for leadership, integrity, and high performance in digital settlements.

With Prepared you get the best of both worlds: the innovation of a digital-first platform like PEXA, combined with the strategic legal guidance of a team helping to shape that platform’s future.

That’s what it means to be truly Prepared.

The information is general in nature and does not constitute legal advice. If you are buying or selling, please contact us to request legal advice.