In the lead up to implementation of electronic
conveyancing, various states are introducing new verification of
identity (VOI) requirements for paper based mortgage and property
transactions to achieve alignment with the VOI requirements for
electronic transactions.
What is clear is that even after electronic conveyancing is
rolled out, there will be a lengthy transition period during which
paper based transactions will co-exist with electronic
transactions.
VOI ROLL OUT
Western Australia introduced verification of identity (VOI)
requirements for paper based mortgages some years ago. South
Australia introduced similar (but not identical) requirements more
recently.
Importantly, Victoria has just introduced VOI requirements for
all mortgage transactions (including paper based) – with
virtually no prior notice of the implementation date. New South
Wales will change its existing VOI requirements for mortgages from
1 January 2015. Queensland will no doubt follow
