Hi everyone,
I am an aussie living in California.
I have just bought my first property in berwick, Melbourne, over Christmas and think I did fairly well as most investors seem to be scared off by rising interest rates and talk of collapsing bubbles. Hopefully they aren’t right [
]To rent it out I need an aussie bank account. Is there any international banks in Australia as it seems difficult to open an account remotely?
Anyhow just wanted to introduce myself, am looking forward to reading all your posts and wanted to try and post a smiley
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[]Toysory,
Try HSBC.
I have a question for you, what are the good websites to view property in California ? Why did you not invest in california ? What are yields and growth like there ?
toystory – what about Citibank?
Why don’t you look at investing in the US? Far better yields available than here, and in some cases much easier to buy property. Dolf De Roos has just bought 52 properties this year in Las Vegas which is the fastest growing area in the world, and has been for many years.
Cheers
MelIt may be difficult to open an account because of the 100 point ID requirement. However, many Aussie banks have branches overseas, so they be able to help. eg ANZ, NAB,
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I must say I was impressed that I got 3 replies to my post! Quite a nice welcome – you look like a great set of people.
mcollins / melbear: Australia vs US
I mainly bought in Australia as the quality of house I bought was much better, when you take into account the dollar difference, than what I would get in California. Not a very good reason but I am just starting out[]By the way the variable interest rate on a line of credit over here is only 3.75%!
Terryw – thx
Quote:hi toys does mean that aussies could borrow from american banks at alower interest rate ?Toy story,
Could you provide us with anymore info on how you were able to use a US bank to buy an Aussie Property. I had a bit of a look into it a while ago and was told that it wasn’t possible as they were not registered outside there respective US states or something like that. I would love to know how it is possible.
best regards,
Gavin
I live in the UK and have a bank account with Westpac. website is http://www.westpac.com.au Tel 0061 7 5531 6288 for Bundall, Queensland branch. Ask for Meredith Field
BeerBoy/Gavin
We deal in a number of commercial transactions/loans between the US and Australia/New Zealand and I am unaware of any US financial institution that will lend funds offshore – in terms of personal/home equity loans.
If you are a commercial interest with a track record in the United States, the capital is secured, and you or the entity’s directors are permanent residents, then there are ways to raise capital for offshore investment. However, the cost of borrowing these funds will generally be on par with offshore interest rates.
Toystory – I would be interested to know where you are getting a line of credit at 3.75%?
— Michael
mcollins
I understand http://www.ziprealty.com is a good site for locating investment properties.
— Michael
Mel/Mcollins
The US is a very fickle – and in many States, over-inflated market at this time. Especially in California which has reached its peak in many locations.
In my opinion, the cost to acquire property in the US – using AUD, taking taxes etc into account, versus yield, would be high risk at this time unless you have a very good understanding of US real estate trends, State laws etc.
What we consider the best location for real estate investment, in terms of low risk/high yields [not a common equation] is at your very door step – New Zealand.
— Michael
Michael R
Thanks for your info. I was not suggesting that anybody who earns AUD buys in the US, merely that toystory consider it as he/she must be earning USD and living in the US.
If I were to invest overseas, it would be NZ, and it would have been 3 years ago, but I was chicken then, and still a bit chicken now to broaden my horizons.
Cheers
MelHi Melbear
I think is now the time to come to NZ and have a look at the market.
Being on the ground gives you a much better appreciation of what the true market is like.
Regards
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