Property Exchange Australia (PEXA) was formed to deliver a national eConveyancing solution to the Australian property industry. The company’s key shareholders include the Victorian, New South Wales, Queensland and Western Australia Governments, the four Major Banks, Macquarie Capital, Little Group and Link Group.
PEXA has had the monopoly in eConveyancing but this has changed with a new competitor in the market. Sympli Australia was granted approval by Australian Registrars’ National Electronic Conveyancing Council (ARNECC) to become an Electronic Lodgment Network Operator (ELNO) in November 2018. They lodged their first electronic document in Queensland on 7 December 2018 and in Victoria on 17 December 2018. Sympli is a collaboration between ASX Limited and InfoTrack Pty Limited.
As electronic conveyancing becomes the norm across the country Sympli Australia may be the first of many to provide alternatives in the econveyancing market.