In order to get a usa loan my understanding is i need to get bank references however when i tried to get them Bank west say it is not their policy to give references and Macquarie bank say as they are not really a bank they cannot give them either. Has anyone else had this problem
Liz2005
Hi Liz,
I too had the same trouble initially, but when I told them the reference letter is for international funds purpose they understood. One of the banks still stood firm and wouldn’t give a reference letter, so I terminated the phone call and rang the bank back straight away, spoke to another person and got the letter without any trouble. If these techniques don’t work, threatened them with the old ‘I which banks’ ploy.Good luck
Cheers,
GeoffBHi all,
I too am in this same position. I am with the CBA and they said they can provide me with a reference letter. Well it’s not really a letter, just a slip with the banks name on it and my account details. Hmmm they want $15 for writing out my account details on a piece of paper. What the?
Anyone else received a reference letter from the CBA?
Regards,
OziThe CBA have not replied to a letter i wrote to them a month again for a reference- so much for always paying all my mastercard on time for the last 10 years
Liz2005
Hi Liz,
I find that with most banks, writing isn’t a good form of communication as they never respond. I would either phone them, or visit in person.
Regards,
OziHi all,
I am also considering US properties, I am a first home buyer and I know that this will have no effect on my first home buyer grant here in OZ – which is great, but does anyone have any idea on what kind of loans are out there for this kind of investing? how do I set up US bank accounts and what are the taxes like? Has anyone here been through this process? if so I’d love to chat with you and learn how all this works. There seems to be a heck of a lot better opportunities in the US than here, and well the green back is stronger to the AU/D . So if anyone knows about this I’d love to hear from you !!!!
thanks guys,
have a great nightGuitarchick
guitar chick, its a big step from investing in your backyard and if you dont know yet about setting up a bank account over there then i think you need to doa bit more research and definetly an exploritory trip over there. seems to em that the best way to finance is home based, unless you have a resident U S partner with a credit history, and even then it tricky if you have bought the property under an LLC
when the going gets weird the weird turn pro
hey kiwidude,
thanks for the advise, so I am figuring that I need bank references to set up accounts right? I would really appreciate some help in this area. I have been to the US twice, but never for the reason of property, other personal reasons. So any help would be appreciated
thanks
In most cases you do not require an Australian Bank reference for obtaining US finance.
Some lenders require 3 credit references other have no such requirements.
Similarly some require a copy of your Baycorp credit references other will ignore this.
Financing deals in the US is not easy unless of course you buy in Florida so you need to deal with someone who has experience in the US finance market.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
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