The way i see it you have 2 problems, 1 you are unlicenced and 2 the bike is unregistered. Cant do anything about being unlicenced until your old enough to get your L's. However you can rec rego the bike, slap on a headlight, tailight, chain guard, right hand mirror, make sure its not too loud and rock down to vic roads with 130 bucks and a licenced adult and walk away with a registered bike. Get busted by the police once and that 130 has saved you over 500.
Ultimately though remember riding unlincenced is illegal, unless you have a spot on private land or go to the track you are breaking the law plain and simple. My parents never let me get a dirt bike for this reason, so as soon as i was 17 and 9 months i got my L's and bought a bike with my first paycheck, it sucks but rules are rules