The Personal Property Security Register (PPSR) And Why You Need It

The Personal Property Securities Register (PPSR) helps buyers and sellers by recording information about security claims and money owing on goods. Find out why and how to register
$100 dollar notes

The Personal Property Securities Register (PPSR) records information about security claims and money owing on goods – such as electrical goods, consignments of goods, even items of personal property. So for example, if a car you’re buying has a loan attached to it, you can find out by running a search on the register.

Although there are a few exceptions to the items you can register under the PPSR (such as land and buildings) most goods, and even family loans, can be registered. Bruce Pasetti is experienced in matters involving PPSR so we asked him to answer the questions. Prefer to watch our video?

What is a PPSR Search?

Before buying a significant asset or extending credit, visit ppsr.gov.au and initiate a search against the asset to find out if another entity or person, for example a lender has claim over the asset.

How much does a PPSR Search cost?

The cost of the search is low, currently ranging between $2 and $7 depending on how the search is lodged. Here’s where you can find the full list of PPSR fees.

How does the PPSR Work?

The Personal Property Securities Register is a national ‘noticeboard’ where you can find out whether goods (for example furniture or a vehicle) have a security claim such as a loan over them.

You can also register your own claim over an item you’re owed money for. The register aims to protect consumers from having goods they’ve paid for repossessed. Open ended registrations (i.e. with no time limit) currently cost $115.

What does a PPSR Search show?

Who the security belongs to, what the security is and when the security was acquired. Documentation relating to the security is not included in the search.

Why should I lodge?

The PPSR is a vital credit and collection tool. When you know what you are doing it only costs a few dollars to register your security interest.

Best practice is to lodge as soon as you process a credit application – CreditorWatch have great automation tools for this. Bruce points out that by taking out security, you can recover goods, get paid in priority, and avoid preferences.

What happens if I make a mistake with a PPSR search?

Unfortunately, it’s an unforgiving process, so you must take the time to get it right –  near enough is usually not good enough. In these circumstances it’s often worthwhile getting professional help.

Bruce Pasetti is a Solicitor with over 20 years legal experience who can provide that help. You can Email Bruce directly or call us by clicking below

Registering an Interest on the PPSR

Lots of people don’t know much about the Personal Property Securities Register (PPSR). This central record holds information about ‘security claims’ and money owing on goods – such as electrical goods, consignments of goods, vehicles, even items of personal property.

You can’t register everything on the PPSR (land and buildings for example) but most goods, and even family loans, can be registered. Solver Bruce Pasetti is experienced in matters involving PPSR – watch this video to find out how it can help you.

Things to keep in mind when registering an interest:

Before buying a significant item or extending credit to a client, visit www.ppsr.gov.au and search against the asset to find out if another lender has a claim on the asset.

Searches are cheap, currently ranging between $2 and $7 depending on how the search is lodged.

You can also register your own claim over an item you’re owed money for. The trick is though, that you need to get it right.

As the video shows, you need to be accurate and thorough; an imperfect registration can fail. So it pays to get advice, get in touch!

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Cheryl Stainsby

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Bruce Pasetti is the ‘go-to’ for actions for Windup (or to defend companies and directors against similar actions). Bruce is a Solicitor with over 20 years legal and specialist Insolvency experience. Find our more or Email Bruce.

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