PPSR (Personal Property Securities Register), which commenced January this year, will help buyers check that the used goods they are buying, like a car, boat or machinery – almost anything except real estate – doesn't have a security interest over it.
The register is designed to make it easy and affordable to access national information for peace of mind before a purchase.
The new register will also provide additional protection for businesses that lease or supply goods, in the event that a debtor defaults or goes bankrupt.
The simplification of all these different registers is designed to make secured financing more accessible and reduce transaction costs, making lenders more willing to accept different kinds of personal property as security for loans.
For more information go to the PPSR website or call 1300 007 777.