AS at 1st Feb the current state based security register for things like cars, Trucks, Boats, Crops, Cattle, earthmoving gear, all tangible items, etc will be replaced with a new register for encumbrance and ownership…this means if you own something it should be recorded on the PPSR.
The register now brings a new era into Australia where possession is 99 % of the law.
ALL current tangible items which you are paying off like chattle mortgage, lease and hire purchase will be transferred to this register by your lender come 1st Feb.
Get prepared, talk to your professional advisers asap to find out what you need to do.
WE hope to bring you more info about PPSR from a finance brokers perspective in the future