New national register to reveal loans against property

Monday 24 May 2010

Article by Mozo

The Personal Properties Register is to launch a new national register of debts and claims against personal property, it has been revealed.

According to the Advertiser, the publicly available register will list the property that has been borrowed against and the debt amount in an attempt to increase protection for consumers.

The kind of property to be covered in the register will be almost anything except land. Any kind of asset from boats and machinery to art and intellectual property can be offered as security against a loan.

Commenting on the initiative, Chris Gration, a spokesman for credit ratings agency Veda, said: "It shifts the power the consumer’s way. If a consumer wants to buy something, they want to be sure they are going to pay for it and get property title to it."

Such news may interest Aussies who wish to compare term deposits and secure the best investments. Last week, Scott Murdoch, a business columnist for the Australian, observed that the interest paid out by Australia’s major banks on savings accounts and term deposits last year was well down on the figure recorded in 2008.

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