When you’re registering a security interest, you’ll need to choose how long you want your registration to last. You can extend the time of your registration later on if you need to.
Length of registration
The different options for how long the registration can last are:
- 7 years
- 25 years
- another end date (less than 25 years)
- no end time.
There are different fees for each of the options. See Fees for using the PPSR.
Some registrations can only be made for a maximum of 7 years. These include registrations made:
- over consumer property
- using the serial-number of the goods (such as cars and boats).
If you're creating a registration using the collateral type 'consumer property' you can only make your registration for up to 7 years.
What to do when the registration end time is approaching
You’ll need to keep an eye on it your registrations to make sure they don’t expire before you want them to. If one or more of your registrations is about to expire and you need to change the end date, you can do this by renewing the registration.
To find out which of your registrations are about to expire, you can run a 'registrations due to expire' report on the PPSR.
If you've created a registration with no end time, make sure you don't forget about it and end the registration when you no longer need a security interest.