Wondering if anyone can give some information, we are a married couple with two children, husband has been discharged from bankruptcy for 3 years and wife for 4 months, we have recently been given a lump sum of $27k from our parents and are entitled to $7k first home owners plus $4k from our state's government first home owner scheme, so $38k in total. We are wondering if there is any chance of getting a home loan now or are we best to wait longer still? We would be looking at a loan around $300k, husband on $50k a year wife $10000 plus family assistance of $9000 a year.total of about $69-70k a year.
Thanks.
home loan for discharged bankrupt
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: home loan for discharged bankrupt
It may be possible if you have a guarantor to support your loan. Personally I believe it is unlikely unless you can get a larger deposit to reduce your loan down to 80% of the property value. Discharged bankrupts are looked upon very unfavourably by the Lender Mortgage Insurers so it is impossible to borrow over 80% without a guarantor.