Property Exchange Australia (PEXA) is the online platform where most Australian property settlements now take place. Instead of representatives meeting in person to swap paper documents and bank cheques, everyone works in one shared digital workspace to lodge the title and move the money electronically. PEXA is an Electronic Lodgment Network Operator (ELNO), regulated under the Electronic Conveyancing National Law and overseen by ARNECC, and it connects directly to the state land registries and to the banking system.
How does a PEXA settlement work?
Ahead of settlement day, your conveyancer or solicitor creates a workspace for the transaction and invites the other side and the banks into it. A few things happen inside it:
- Verification of Identity (VOI). Your conveyancer confirms you are who you say you are, using the identity standard set by ARNECC. This helps stop someone dealing with a property that is not theirs.
- Client Authorisation Form (CAF). You sign an ARNECC-prescribed form that authorises your conveyancer or solicitor to act for you in the workspace, so they can prepare, sign and lodge the documents on your behalf.
- Digital preparation and signing. The transfer and any mortgage or discharge documents are prepared and digitally signed inside the workspace before the day, and the settlement figures are reconciled between the parties.
When settlement completes, two things happen at the same moment: the change of ownership is lodged electronically with the state land registry, and the cleared funds are transferred between the parties through the Reserve Bank of Australia's settlement system. Because the money and the title move together, there is no gap where funds have changed hands but the transfer has not yet been registered, which was a weak point of the old paper process. There are no bank cheques to collect, bank or wait on.
PEXA versus a paper settlement
| On settlement day | Paper settlement | PEXA (electronic) |
|---|---|---|
| Where it happens | Parties meet in person at an agreed location to exchange documents and cheques | Everyone works in one shared online workspace, with no meeting needed |
| How the money moves | Bank cheques handed over on the day | Funds transferred electronically through the Reserve Bank's settlement system |
| When funds clear | Cheques can take days to clear | Cleared funds, usually the same day |
| Title registration | Documents lodged manually with the land registry after settlement | Title transfer lodged electronically at the moment of settlement |
| Timing and cut-off | During office hours, and a missed settlement is rebooked | Banking business days within set hours; if not completed by the day's cut-off it rolls to the next business day |
When does settlement happen on the day?
Financial settlements run on banking business days only, not weekends or national public holidays, and within set daytime hours. Those hours, and the daily cut-off after which a settlement has to be rebooked, vary by state, because they depend on when each land registry accepts lodgements and when the Reserve Bank's settlement window closes. Settlements are usually booked for a set time and often complete in the afternoon, once the banks have confirmed the final figures and released funds. If the funds or documents are not ready before the day's cut-off, the settlement rolls to the next business day, which is when penalty interest and extra costs can start. For how the settlement date itself is set, and what happens if it is missed, see time and settlement in property contracts.
Is PEXA secure, and what about payment scams?
Everyone in the workspace is identity-verified, and because funds move through a secure, regulated system rather than as physical cheques, there is nothing to be lost, stolen or tampered with. The main fraud risk in any property settlement today is a payment-redirection scam, where a criminal intercepts an email and swaps in fraudulent bank account details. To reduce this, PEXA offers a free app called PEXA Key that lets you share and confirm your bank account details securely with your conveyancer, instead of sending them by email. PEXA Key is backed by a secure communication guarantee. Whatever tools are used, confirm account details through a trusted channel you set up yourself, and treat any last-minute change to bank details with suspicion.
Do I use PEXA myself?
No. Only licensed conveyancers, solicitors and banks can be registered PEXA subscribers, so you never log in yourself. Your conveyancer acts in the workspace on your behalf and keeps you updated. For what this means for your costs and the advantages over paper, see how much PEXA costs and the benefits of using PEXA.
Is PEXA the only electronic settlement platform?
No. PEXA is by far the most widely used and handles the large majority of electronic property settlements in Australia, but it is not the only approved platform. Sympli is another approved ELNO. All ELNOs operate under the Electronic Conveyancing National Law, and ARNECC regulates them. A national interoperability program, which was intended to let each party choose their own ELNO, was paused in 2026. Whichever platform is used, your conveyancer or solicitor manages it for you, so the process on your side stays the same.
General information only, not legal advice. Rules, hours and processes can differ by state, so check with your conveyancer or solicitor for advice about your own settlement.
