Australians use the Personal Property Securities Register (PPSR) to check whether the second hand car they’re looking at buying doesn’t have any money owing on it.
A PPSR check will also tell potential buyers whether the car’s been reported as stolen or written off.
From tomorrow, the fee to do an online PPSR check will be only $2—a reduction from $3.40.
‘Enter the details and with just one click, a quick motor vehicle search of the PPSR provides real time information that helps consumers make informed decisions before they buy,’ said Hamish McCormick, Chief Executive of the Australian Financial Security Authority (AFSA).
The PPSR is also used by businesses to register their interest in goods they provide until they receive final payment. Businesses can also use the PPSR to obtain credit—by using their goods and assets as collateral.
Registrations fees have also been reduced, with seven year registration to cost $6 instead of $6.80, $25 for a seven – 25 year registration (down from $34) and $115 for a registration with no end date (down from $119.)
Earlier this year, AFSA reviewed the PPSR fees and charges and proposed a reduction in most fees.
‘AFSA has worked closely with stakeholders and users of the PPSR to propose these new fees.
‘This is good news for Australian consumers and businesses, making the PPSR even more affordable,” Mr McCormick said.
You can view the new fees on the PPSR website – www.ppsr.gov.au.
The PPSR is the single, national online noticeboard of security interests in personal property in Australia. Personal property generally includes all forms of property other than land, buildings and fixtures.
Individuals or businesses can search the PPSR to check whether the valuable goods they want to buy are free from existing financed debt and safe from possible repossession.
Individuals or businesses can make a registration on the PPSR to show that they have a security interest in the goods they are supplying. If the customer doesn’t pay or becomes insolvent, they are in the best position to get their goods, or their value, back.
The PPSR can also be used by businesses to raise finance, using their goods and assets as collateral.