Soon to be Discharged Bankrupt, Needing some Information

Any general questions you might have in regards to loans and finance.
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Posts: 7
Joined: Tue Jan 24, 2012 11:44 am

Soon to be Discharged Bankrupt, Needing some Information

Post by Booey00 »


Firstly this is a great site.

ok... the story goes I decided to go bankrupt as my ex one day decided that she did not want to pay some of the joint debt. (that being her 25000 car) and other purchases. I could not afford at the time to pay the debt so i was forced to go bankrupt. Since then as i mentioned above she is now my ex. im now married and getting discharged in July.

We are wanting to purchase our first home in the near future. Im earning 60k plus car my wife is on 80k. we are wanting to spend 500k

What do i need to do to get a home loan (obviously after july). we have some good savings so far of 20k by the end of the year 30k plus we are paying 550 p/w rent.

I have no other debt my partner has a personal loan of 15k and 2 credit cards totalling 15k.

Am i better off purchasing something at a small value with finance and paying it off early?

Thanks for your help

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Tina Pham
Mortgage Specialist
Posts: 175
Joined: Thu Jul 22, 2010 9:41 am
Location: Sydney, Australia

Re: Soon to be Discharged Bankrupt, Needing some Information

Post by Tina Pham »

Hi Booey00,

Even when the discharged bankruptcy has been removed from your credit file you are still obligated to disclose this to banks as part of their privacy and consent disclosure.

It will not affect your credit scoring however may impact on your application so it is best to ensure all other aspects of your application is strong.

Things to consider before applying are stable employment, stable residence, good savings history. minimal unsecured debts, satisfactory conducts on all existing commitments and strong servicing.

Please call us when you are ready as we can then advise how much you can borrow and which lender is best for your situation.
Tina Pham
Senior Mortgage Broker
Ph: 1300 889 743
The Home Loan Experts

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