Personal Property Securities Register

Personal Property Securities Register (PPSR)

What is the Personal Property Securities Register?

The Personal Property Securities Register (PPSR) is a single point of contact register for consumers, businesses and the finance industry. It is web based, available in real-time and accessible 24 hours a day, seven days a week.

The PPSR is regulated by the Personal Property Securities Act 2009 (Cth) which is a law relating to security interests in personal property.

The main purpose of the PPSR is to enable individuals and businesses to maximise their capital by listing personal property interests. Secured parties such as banks and lenders can also browse the register for a specific asset.

The PPSR allows businesses to register their security interests over personal property, giving them rights over the personal property in the event that another party does not fulfil certain obligations, such as repaying a loan advanced to purpose the personal property. This helps to protect suppliers and finance companies from incurring losses when a customer defaults on a loan or does not fulfil some other obligation.

The PPSR also allows businesses and individuals to check whether the personal property they are buying – such as boats, cars or machinery have a security interest over them before the purchase is made. This provides buyers with peace of mind as they can ensure they will receive full rights to own the personal property.

The PPSR however does not apply to real property such as houses and units.

Who administers the Personal Property Securities Register?

The Personal Property Securities Register is a register that is administered by the Australian Financial Security Authority (AFSA).

AFSA’s purpose is to provide improved and equitable financial outcomes for consumers, business and the community through application of bankruptcy and personal property securities law, regulation of personal insolvency practitioners, and trustee services.

The Registrar in AFSA administers the PPSR in compliance with the Personal Property Securities Act 2009 and Regulations which includes ensuring that the register is accessible and accurate.

What has the Personal Property Securities Register replaced?

The Personal Property Securities Register has replaced a number of Commonwealth, state and territory government registers for security interests in personal property, including those for bills of sales, liens, chattel mortgages and security interests in motor vehicles such as REVs and VSR.

The registers include the Australian Security and Investments Commission’s Register of Company Charges, the Australian Register of Ships, the Fisheries Register, state and territory bills of sale registers, and the state and territory registers of encumbered vehicles. More than 4.7 million registrations were migrated to the PPSR before its commencement.

The records from these registers that were current were transferred to the PPSR immediately before the PPSR became operational on January 30, 2012.