ANZ has expressed approval for the New South Wales Government's recent legislative move, viewing it as a positive development for consumers engaged in property settlements. The newly passed Electronic Conveyancing (Adoption of National Law) Amendment Bill 2022 mandates increased cooperation among electronic conveyancing operators to ensure interoperability. This change allows buyers and sellers to use different electronic conveyancers within the same transaction.
Currently, transactions are limited to a single provider due to a lack of communication between different platforms. John Campbell, ANZ's Head of Home Loans, stated: “We congratulate the NSW Government for this development, which is a significant step towards simplifying the process of buying or selling a property.”
Campbell also noted ANZ's commitment to collaborating with all parties involved in the process to further enhance electronic conveyancing. He emphasized that these improvements would benefit both customers and the industry. Typically, property settlements require coordination between buyers, sellers, and their respective conveyancers and lawyers. The new legislation will enable all parties to choose their preferred electronic conveyancer platform, potentially speeding up transactions while maintaining necessary security measures.