Second-hand car costs drop as debt reporting fees fall


Bria Horne
Aug 3, 2018( 2 min read )

article header

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:

Service Old price New price Saving
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.

Advertisement

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on