Glossary · Business Finance

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General Security Agreement (GSA) Meaning

A general security agreement gives a lender a security interest over all of a business's present and after-acquired personal property, usually registered on the PPSR. On the register this is recorded as all present and after-acquired property, a broad collateral description covering current and future personal property. Because it covers personal property, land sits outside it. What a lender can rely on under that security is set out in what an unsecured business lender can take.

A loan marketed as unsecured can still come with a general security agreement, and with a director's guarantee as well, so the product label does not settle what the lender holds. The registration itself sits on the Personal Property Securities Register, where it can be searched. The agreement is the contract between the business and the lender, and the registration is the public notice of it. The two are related but separate, and a registration can outlast the debt if it is not removed.

An existing registration shows up when another lender searches the register, and that lender will weigh it before deciding whether to lend. It may ask for the registration to be discharged, or for an arrangement with the existing lender, before it proceeds, as covered in what an unsecured business lender can take.

Next step

If a lender is asking for a general security agreement, we can check what else is registered against your business first. Start with working capital loans, or call 0483 980 567.

FAQs

Does an unsecured business loan still come with a general security agreement?
It can. A loan marketed as unsecured may still be backed by a general security agreement over the business's personal property, and may also be backed by a director's guarantee. Read the security terms, not just the product name.
Does a GSA stop you borrowing from another lender?
Not by itself, but a later lender will see the registration and weigh it. It may ask for the existing registration to be discharged, or for an arrangement with the first lender, before proceeding. A search of the Personal Property Securities Register shows what is registered.
How is a GSA removed from the PPSR once the loan is repaid?
The lender, as the secured party, ends its registration once the debt is repaid. If a registration stays on after repayment, the business can ask the lender to remove it and, if needed, use the register's formal amendment demand process. Confirm it is gone by checking the PPSR for a business.

Reference: Australian Financial Security Authority, Glossary and State of the Personal Property Securities System 2024-25, afsa.gov.au; Collateral type and class, ppsr.gov.au (re-read 21 September 2026).