The Personal Property Securities Register (PPSR) is a national online register that provides information to help protect consumers when they are buying personal property and is used to register security interests over personal property such as vehicles and boats. The PPSR is turning seven years old and the Australian Financial Security Authority (AFSA) has warned that seven-year PPS registrations will begin to expire.
If your current registration lapses it cannot be extended. If this registration expires, you become an unsecured creditor and lose your security interest. Re-registering the interest will result in a new security interest, which will allow newer PPS registrations to gain priority over your newly applied security interest. To avoid losing your priority, you must extend your PPS registration before expiration.
AFSA has published a free ‘registrations due to expire report’ which provides a list of all registrations due to expire. This will allow you to monitor your security interests and extend your registrations before they expire.
If you need assistance in registering your security interest we can help.