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Old 03-10-2012, 11:49   #1
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Australian Registration w/ US bank loan?

A question for my fellow Australians: Has anyone completed Australian registration of a boat that with a US bank loan outstanding?

My situation.
1. I am an Australian citizen and US "green card" holder.
2. I own a boat with registered in Minnesota (with a Minnesota title in my name).
3. I have a loan outstanding on the boat to a US bank (noted on the Minnesota title).
4. I want to sail the boat from US to Australia via the Panama Canal.

I am interested in knowing whether you were able to register the boat in Australia under similar circumstance? If so, were there any special hoops you had to jump through?
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Old 05-10-2012, 07:18   #2
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Re: Australian Registration w/ US bank loan?

Responding to my own post in lieu of other responses. It's probable we will need to pay of the bank loan before leaving.

It pains me a little because it leaves us with limited emergency funds. But as my wife says we can always stop somewhere and work if we need to. That's the spirit!. Gotta love her.

On the other hand, having less money on hand means we will probably spend less on stuff that will not make the boat any safer or the trip much more fun.
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Old 15-10-2012, 04:20   #3
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Re: Australian Registration w/ US bank loan?

In order to register the boat in Australia, the boat would first need to be de-flagged / un-registered from the U.S.
That won't be done by Minnesota until proof is displayed that the lien has been paid. Once the lien is removed from the title then that title can be freed for de-flagging the vessel. So far I've only had to do this once and the brokers took care of the U.S. de-flagging paperwork, but I do know that the previous owners had a bank lien which first had to be paid off before the broker could continue.
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Old 15-10-2012, 05:35   #4
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Re: Australian Registration w/ US bank loan?

No need to "de-flag" as it is not US flagged now. (not USCG Documented). Does Australia recognize a title issued by a US state?

Can you re-finance with an AU bank to pay the loan and register as AU vessel before you leave?
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Old 15-10-2012, 17:24   #5
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Re: Australian Registration w/ US bank loan?

Thanks for the advice. The boat was USGC registered by a previous owner but the registration expired at least two names ago. An Australian bank loan is a good idea and might worthwhile looking into.

Assuming we do not get financing from an Australian bank, it is likely we will pay off the boat next year as we make our way to Florida. A fast turnaround on the Australian registration would be nice. I worry about the time taken to get the lien released from the bank, obtaining a free and clear title from Minnesota and the registration process on the Australian end.

Has anyone had experience with this process? Any recommendations to ensuring it goes smoothly?
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