31 Aug Changes to lodging mortgages and discharges of mortgage

The practice of providing a discharge of mortgage to the registered proprietor to lodge at Land Victoria is no longer allowed. A discharge of mortgage signed on or after 1 March 2016 must be lodged by or on behalf of the mortgagee.

The only exception is where the discharge is to be lodged with a transfer of land and/or a mortgage affecting the same folio(s).

Electronic conveyancing

Further, if the mortgagee is an ADI or regular bank (authorised deposit-taking institution under the Banking Act 1959 [Cth]):

• A discharge of mortgage signed on or after 1 August 2016 must be lodged electronically through an electronic lodgement network, except where the discharge of mortgage is to be lodged with any transfer of land or mortgage for the same folio(s) of the Register
• A mortgage to which the National Credit Code applies signed on or after 1 August 2016 must be lodged electronically through an electronic lodgement network, except where the mortgage is to be lodged with any discharge of mortgage or transfer of land for the same folio(s) of the Register.

As the systems become more and more paperless there will be therefore a reliance on electronic conveyancing.

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