Victorian lenders now required to take 'reasonable steps' to verify the identity of borrowers

  • Author : Bill Stark - 30-09-2014

Further to my post of 25 August 2014, the Transfer of Land Amendment Act 2014 (Vic) came into effect on 24 September 2014.

As previously noted, the amendments require lenders to take 'reasonable steps' to verify the identity of borrowers before executing a mortgage or variation of mortgage.

The amendments are a part of the legislative package brought in to allow for the full introduction of e-conveyancing.

 

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Bill Stark

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