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How does a refinance work in PEXA?

PEXA allows a mortgage to be discharged and a new mortgage to be registered on the title.

The creation of the mortgage and the discharge of mortgage, as well as the transfer of funds from the incoming mortgagee to the outgoing mortgagee (Financial Settlement), all occur in one central Workspace.

PEXA also supports separate 'standalone' transactions for:

  • Mortgage
    • This document is lodged when a Subscriber that holds an executed mortgage with a customer, wishes to register that mortgage on the land title 
  • Discharge of Mortgage 
    • Lodged by a Subscriber, after a mortgage has been repaid. On registration of this document, reference to the mortgage is removed from the title.

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