From 9 November 2015 lenders will need to meet a higher identification standard in relation to mortgagors prior to granting a mortgage. The Land and Property Information (LPI) have released a circular entitled Changes to Verification of Identity (VOI) Requirements for Mortgagees which sets out the key changes.
The Real Property Act 1900 (Cth) now requires a mortgagee to take reasonable steps to confirm the identity of a mortgagor.
The VOI standard is outlined in Schedule 8 of the NSW Participation Rules for Electronic Conveyancing and will apply to all mortgagees whether they participate in electronic conveyancing or are paper based.
The new VOI rules have taken effect from 9 November 2015 and include that ID verification must take place via a face-to-face interview and require that certain documents listed in Schedule 8 are provided.
The current required documents are set out below:
In the above schedule a “Photo Card” is defined as a card issued by the Commonwealth or any State or Territory showing a photograph of the holder and enabling the holder to evidence their age and/or their identity.
For more information please contact ERA Legal.
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