What is PPSR?
The Personal Property Securities Register is a comprehensive database managed by the Government of Australia that lists properties that parties have a security interest in.
The PPSR is a collection of properties that are personally owned and have been used by owners as security to obtain loans. Only properties that have been listed under the PPSR can be found with a PPSR check. These properties do not extend to land used as security. The most common properties listed under the PPS Register are cars, boats, trucks, artwork, and machinery. Buyers who are interested in these properties can trace the financial owing on them and use the results to make decisions with regard to purchasing that property.
What is REVS?
REVS stands for the Register of Encumbered Vehicles. An Australian government registry, this compilation preceded the PPSR. Unlike the PPSR which is a registry containing financial records of all personal properties, the REVS detailed the security interest status of cars and other vehicles. It did not extend to boats and machines. The REVS was the only registry to deal with financial owing in cars before the foundation of the PPSR in 2012.
What is a VIN?
A Vehicle Identification Number or VIN is a unique 17-digit code that identifies a vehicle and its history. The VIN is the identification number used to pick out cars for administrative purposes. Unlike the registration number (number plate), the VIN of a vehicle does not change. The VIN is unique to a specific car and is located in different areas depending on the make and model of the car. Car owner manuals direct potential owners on where to look for the VIN before purchase.
Do I need PPSR Check before buying a car?
If you are buying a used car, a PPSR check will let you know if there is a money owing against the vehicle. The same goes if you want to buy other personal property such as intellectual rights, boats, artwork, stocks, machines and even livestock. Knowing the encumbrance on a property will help you make the decision on whether you are going to buy a property or not. Personal property with financial owing comes with a greater risk compared to that which does not have any encumbrance – the risk of repossession by a lender.