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Consumer information

The Personal Property Securities Register (PPSR) is an electronic register.

  • Secured parties can register details about their security interests in the PPSR (including details of the debtor)
  • Subject to privacy rules and controls, people can search the PPSR to find out about security interests in personal property
  • Secured parties discharge (remove) their security interests from the PPSR when the money (for example) has been repaid

 

There are several situations where you need to know about the PPSR

  • When you are buying an item of personal property - especially if you are buying something second hand.  If you purchase personal property that is subject to a security interest, the secured party may be able to repossess the goods from you.
  • When you buy personal property on hire purchase, or use personal property as security for a loan or another type of credit providing transaction, the secured party will probably register details of the security interest in the PPSR.  Those details include some of your personal details, as the debtor.  In particular the registration will include:
  • your name
  • your date of birth
  • your address

 

The information registered will also include a description of the personal property.

The PPSR does not record financial details of the transaction, for example, the amount borrowed or the value of the personal property. 

 

Learn more about

What to expect when you are the debtor

When you buy personal property on hire purchase, or use personal property as security for a loan or another type of credit providing transaction, the secured party will probably register details of the security interest in the PPSR. You may have new obligations and responsibilities as a result of entering into a security agreement. You are also entitled to certain information.

Read more…

Buying a motor vehicle

Before buying a car privately you should check to ensure there is no money owing on it. If you are buying a car from a registered Motor Vehicle Trader, you shouldn't need to search the PPSR, however it may still make good sense to do such a search.

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Buying other goods

If you buy personal property that is subject to a security interest registered on the PPSR, it may be repossessed to pay off the debt. This debt may have been incurred by the previous owner but you may still lose your asset if the previous owner has not repaid the debt in full.

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Change demands

If the debtor, or other person with an interest in the collateral, discovers that any of the security interest's details recorded on the PPSR are wrong, they have the right to ask them to be corrected. In certain circumstances they can take the step of lodging a change demand to formally request correction of the registered details.

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Searching the PPSR

There are many different reasons why you might want to search the PPSR. A secured party is likely to search the PPSR as part of the processes leading up to entering into a security agreement. Consumers may search the PPSR before buying an item of personal property to check that there is no money owing.

Read more…

Last updated 27 July 2012

Resources

Everyone is a consumer and can potentially be affected by the PPSR.