Hello Andy. Welcome to the forums.
The major banks cannot approve your home loan application while the bankruptcy listing is still on your credit file. A record of bankruptcy will remain on your credit file for up to 5 to 7 years even after you’re discharged.
Fortunately, there a few specialist lenders who are willing to offer home loan options for borrowers who are discharged bankrupts.
You can borrow up to 90% of the purchase price of a property, however, you’ll need 14-16% of the purchase price to cover the deposit, stamp duty and Lenders Mortgage Insurance (LMI).
Speak with one of our experienced mortgage brokers today who will first assess your situation and let you know what your options are.
Give us a call on 1300 889 743 or fill in our free assessment form to find out with which non-conforming lenders you can qualify for a home loan.
Cheers,
As someone discharged from bankruptcy, what are my chances of getting approved?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: As someone discharged from bankruptcy, what are my chances of getting approved?
Hi Andy,
In most cases, you’ll pay a higher interest rate for your loan. However, we’ve obtained discounted interest rates with some of our lenders for customers who are now in a good financial position.
Discounted rates may be available if:
Cheers,
In most cases, you’ll pay a higher interest rate for your loan. However, we’ve obtained discounted interest rates with some of our lenders for customers who are now in a good financial position.
Discounted rates may be available if:
- Your loan is for no more than 80% of the property value.
- You can provide evidence that you now pay your bills on time, e.g. a rental history.
- You can provide evidence that the bankruptcy was a one-off event that wasn’t your fault.
- You’ve been discharged for a particular period of time, e.g. one year.
Cheers,
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: As someone discharged from bankruptcy, what are my chances of getting approved?
Hi Andy,
Specialist lenders or non-conforming lenders we deal with include:
Cheers,
Specialist lenders or non-conforming lenders we deal with include:
- Bluestone mortgages
- Liberty Financial
- Pepper Money
- AusWide Bank (formerly Widebay Australia)
- Adelaide Bank
- La Trobe Financial
- Resimac
- RedZed Lending Solutions
- MKM Capital
Cheers,