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August 2, 2011 - 9:56 am

Once they send email with Application Form. It says following

Please specify the Purpose of account opening (Investment in Property in USA, General savings, Rental Income etc. are not acceptable by the USA to set up accounts with them)

• Also additional proof needs to be provided in case the Purpose of account opening is Relocation to the USA for work or study or Family members in the USA.
• Even in case of Wire Transfer Details, please mention only if you are expecting to send or receive money outside the USA and the Beneficiary Name & Country are mandatory.

In an application form they also ask
"Do you expect to receive funds transfers?" with full detail who will be sending you funds, how many transaction a month, $ value etc..
"Do you expect to send funds transfers?" & Same as above

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Steve, Let us know once hear back from them.

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Is there any other bank (apart from bank mentioned above)  through which we can open US a/c while in Australia ?

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May 9, 2011 - 12:24 pm

Anyone able to get FINANCE for USA property ?

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January 25, 2011 - 9:50 pm

Hi Cheeves,

Keep us posted. What would be your fees for loan application…

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January 14, 2011 - 9:41 pm

100% Agree with you mate. Also with your numbers. It is not about what price for what service, It is just there monopoly at the moment. Since ideally no one in Australia is providing loan for US. Bad for consumer. Simultaneously, I would like to say something is better than nothing. At least someone is providing loan facility. They have taken a step ahead than any other, so they are making money. But, will receive bad branding, if they care about it. People remember these and willn't do the business again and more importantly will tell 10 people not to do business with these folks.

I think this thread needs now other people's opinion as well, not only few people repeating same stuff again and again.

No offense to anyone. I don't like offense please.

melbourne girl wrote:

So I would take it from this comment that you supply finance to the US also?  What are your charges?

not at all, if you scour through all my posts you will see that im not spruiking or selling anything.

On the other hand if one was to look through all your postings on this site, 100% of them is advertising either My USA or Loans USA, both located in Melbourne.

All I ask is a simple question regarding the maths,  I hope you can prove me otherwise as I am interested in getting financing for reasonable value. But the maths doesnt add up from what you recommend.
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December 27, 2010 - 1:12 am

Hi Richard,

Thanks for your reply. Can you please explain how 'National Consumer Credit Protection Act' is stopping us for applying loan to buy US properties.

Any alternates / suggestion (apart from security /LOC ) please for applying loan to buy US property.
 

Qlds007 wrote:

Rule change is not quiet correct and is more the implementation of the National Consumer Credit Protection Act which covers anyone in Australia when applying for credit.

We are still doing a number of applications for non residents (mainly UK investor clients) who buy all over the US.

Cheers

Yours in Finance

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December 26, 2010 - 11:30 pm

Merry Christmas Treasure Hunter,

Thanks so much for such a nice reply. I was really not expecting any reply on this.

I have contacted Loans USA, after 2 weeks or so I got first reply. I am waiting for further info from them. Lets see. I will give a call to them after these holidays, lets see if they pick as they are very busy 

tayloredfinancialsolutions (Richard) said he has stopped doing it for non-resident due to some rule changes starting from Jan 1, 2011.

And if you are talking about British Buyer via BOA, I think he may have got because it might be his primary residence property.

Others, please share your experience further on this.
I have started exploring on this madly now 

Treasure Hunter wrote:

G'Day Propertinvestor, 2 Australian-based sources immediately come to mind, that I have read from other posts on this forum :- – Loans USA (www.loansusa.com.au). One person said she got 6.75% fixed for 3 years for 2 Florida properties she bought. She was also offered 9.75% fixed for 15 years. – Taylored Financial Solutions (www.tayloredfinancialsolutions.com.au), who apparently offer 4.25% variable for up to 65% LVR. Note that I have not had any dealings with these entities myself, so I am not recommending them – only passing on what I have read elsewhere. Otherwise, if you were going to visit the US as part of your DD, then I have read from another poster that he had no trouble with being offered a loan from the Bank of America, but you need to be over there when you apply for it. I don't know if he was offering any security other than the properties he was intending to buy. Cheers, TH

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November 8, 2010 - 7:52 am

Initially duplex, townhouse etc. Later units.

Do you have recommendation or suggestions please ?

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March 9, 2010 - 8:42 pm

Thanks Ryan.

Finalizing few things. I am close to buy my first.

ryan mclean wrote:

Cons of trust – Harder to get lending, and more complicated when it comes to tax return Pros of trust – There are so many pros. The asset protection is amazing and second to none. I would never invest without a trust. If someone sues you without a trust you are effed, if someone sues you and you have a trust you lose a lot less (sometimes nothing at all). Looks like you have everything pretty covered. Now you just need to find a property Ryan McLean http://CashFlowInvestor.com.au Positive Cash Flow Properties Are Just A Click Away

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March 3, 2010 - 10:47 am

Ok Terry. Will do. Tried reading some older threads and some of your posting as well on trust but those were confusing to start with. So thought to ask and get some general idea.

Thank you Ryan. That gives good idea to start reading more about trust.

Reading this "There are many advantages to using a trust and a few disadvantages.",  "I would never invest without a trust, especially if I was going to buy multiple properties." and I saw somewhere similar thoughts are by Terry as well. So one thing is sure that I willn't buy until I understand trust stuff.

Can I request some good online article/url/site/resource on trust to get good understanding with less reading.

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March 3, 2010 - 10:09 am

ryan mclean wrote:

If you do buy at 95% LVR I recommend you aim to get your properties to 80% LVR. This protects you in the future from unforseen circumstances

Ryan, Thanks for reply.

How about taking 95%+LMI if bank approves and putting 15% (95-80) or backup money in offset a/c for unforseen circumstances as well as handy cash? Thoughts Pls !

Also, what I understand is if I take 95% loan then mortgage insurance is extra expense but if I take 80% then no need for mortgage insurance ? Suggestion Pls !

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February 28, 2010 - 10:51 am

Personal name or Trust  – I am yet to decide this. Need to understand pros and cons of both. But an individual in both case's.

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February 28, 2010 - 9:53 am

ok. Got it.

Earning more via contracting may create prob's in getting loan specially in initial days of contract. I need to think before I start contracting. But I want to do to save or earn more.

Really it may be a huge bottle neck for me in buying IPs specially for 1.5 – 2yrs of contracting period.

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February 28, 2010 - 9:43 am

1. So if less they will give me 95% of 310k (property price) ?

2. And if more to avoid re-approval stuff, whether it is advisable to get MAX loan. Say you intend to buy IP for 350k, so better to take pre-approved loan for 400k ?

3. What most of people do they get pre-approved loan or they get loan when they selected the property to buy ?

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February 28, 2010 - 9:38 am

Ok. So, in my initial days of contracting – say I just started a six months contract

I can get 80% LVR, but to get more then that say 90%, probably I need show regular contracts for 2yrs period (approx)

I really have plans to do contracting depending on various things but just wanted make sure it doesn't create problem's in buying IPs, IPs, IPs.

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February 28, 2010 - 9:13 am

ok. Just another thought for better planning for future.

I have rough idea of doing contracting in future – don't know now exactly when may be after six month, may be not at all

Will I get loan on following condition (I know it may depend on many things, but would be happy to have thoughts)

a) 80% loan when I am doing contracting (say six months contract) and I am on high pay
b) 90% loan when I am doing contracting (say six months contract) and I am on high pay

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February 28, 2010 - 9:01 am

Ok. What happens if I do contract job – may be six month contract ?

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February 28, 2010 - 4:35 am

I will be definitely need 95% + LMI + 100% offset a/c. Earning good salary, working for more then two years with current employer. Not at junior level. Will be in same industry/line of work if I change my job.

Note: I haven't changed my job yet. Working for more then 2yrs with current employer. Just trying to understand the things as I may change. And definitely if I change it is going to be probation for six months.

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February 25, 2010 - 11:05 pm

Hmmm,

Above deal is @ 6.55%, 30yrs, 15$/pm for offset a/c.

I need to check some similar home loan (as above) with interest in advance.

See my other thread on home loan – https://www.propertyinvesting.com/forums/getting-technical/finance/4331003

And from duckster link – I see can pay MAX 12 months advance interest.

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February 25, 2010 - 1:44 pm

Terry, got it

Now have to check the loan am planning BW, IO, 95%+LMI, 100% offset allows 'interest in advance' or not

duckster, nice article link give by you.

Terryw wrote:

I was suggesting that any costs may need to be apportioned if the property wasn't available for rent for the whole year.
see http://www.ato.gov.au/content/downloads/IND00191817n17290609.pdf examples on page 11 (or 7).

Prepaying the interest would save you the most. You will need to take out a 1 year fixed rate, ie pay 12 months in advance. But you must also consider what will happen the year after when you have no interest = huge profit. a way around this is to do it again.

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February 25, 2010 - 3:23 am

Thanks Banker. Will checkout cba.

Do they have Interest only payment option with 100% offset ?

Banker wrote:

Get a credit card with Cba. In six month you will be elligible assuming everything else stacks up. They have a 3 year variable at 5.93% that reverts to a base variable after three years . Base variable currently approx 6.1%. 600 app fee. No monthly fees for the life of the loan. Westpac anz and nab will struggle with the 95%. I don't track what non banks have on offer.