Many properties in Victoria are mortgaged and the Certificates of Title (CTs) are therefore held by first mortgagees. The four major banks (ANZ, CBA, NAB, Westpac and their brands) hold approximately two million CTs in Victoria.
Following consultation and agreement with these banks, on 22 October 2016 Land Victoria will facilitate a bulk conversion of paper CTs (pCTs) of which the banks are the first mortgagee.
Under section 27BAA of the Transfer of Land Act 1958 the Registrar of Titles will declare by notice in the Victoria Government Gazette that these CTs will be void and of no effect from 22 October 2016. From then on, all CTs held by the four major banks will be electronic CTs (eCTs) and the relevant bank will be recorded as the eCT Control – the party entitled to control the eCT.
Any transaction involving one of these major banks as first mortgagee to be lodged on or after 22 October will be supported by an eCT. After registration of the transaction at Land Victoria, when one of the major banks is the incoming mortgagee, only an eCT will issue.
In other cases, after registration of a transaction a Certificate of Title can be issued in one of the following ways.
*Currently, the only ELN is PEXA. In order to lodge through PEXA you must be a subscriber. For further information go to PEXA Ltd’s website.
After 22 October the vast majority of CTs in the marketplace will be eCTs. Customers should ensure they understand the implications of this change, including: