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Second-hand car costs drop as debt reporting fees fall

Second-hand car costs drop as debt reporting fees fall

Buying a second-hand car securely might have just become a little cheaper: as of August 1, the costs have been reduced when it comes to checking whether the car you’re thinking of purchasing has any money owing on it, has been written off or reported stolen.

Personal Property Securities Register (PPSR) is a unique national online noticeboard which allows consumers and businesses to search and check personal property for security concerns, like the property having existing financed debt attached to it.

Used by Aussies to perform online checks on potential purchases and to register their interest in goods they provide, PPSR can also be used by businesses in the same way, as well as to obtain credit, by using assets and goods as collateral. If customers don’t pay or become insolvent, they are in the best position to get their goods, or value of the good, back securely.

Reduced fees:

ServiceOld priceNew priceSaving
PPSR online check$3.40$2$1.40
7-year registration of financing statement$6.80$6$0.80
7-25-yea registration of financing statement$34$25$9
Registration of financing statement with no end date$119$115$4

“This is good news for Australian consumers and businesses,” said Hamish McCormick, Chief Executive of the Australian Financial Security Authority (AFSA) said, “PPSR [is] even more affordable.”
*for more fees go to https://www.ppsr.gov.au/fees

The AFSA earlier this year reviewed the PPSR fees and charges and proposed a reduction in most fees.

“AFSA has worked closely with stakeholders and users of the PPSR to propose these new fees,” said Mr McCormick.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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