Re: As someone discharged from bankruptcy, what are my chances of getting approved?
Posted: Mon Mar 11, 2019 1:57 pm
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,
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,