Re: How soon can I move forward with obtaining a home loan after a Part IX debt agreement?
Posted: Wed Sep 04, 2019 7:40 pm
Hi Malcolm,
Welcome to the forums and thank you for reaching out to us.
Prime lenders are very cautious when it comes to lending to borrowers who are under part 9 debt agreement, as it indicates you cannot manage your finances properly.
However, you can move forward with getting a home loan from specialist lenders after completing a part 9 debt agreement under the following circumstances:
Cheers,
Welcome to the forums and thank you for reaching out to us.
Prime lenders are very cautious when it comes to lending to borrowers who are under part 9 debt agreement, as it indicates you cannot manage your finances properly.
However, you can move forward with getting a home loan from specialist lenders after completing a part 9 debt agreement under the following circumstances:
- Provide a valid reason for being in the debt agreement
- You have completed the agreement more than 12 months ago
- You are borrowing less than 80% of the property value.
- There are no further credit issues besides the part 9 debt agreement that will remain in your credit file for more than 5 years.
- You have made rent repayments on time
- You must have at least 16% of the purchase price as a deposit.
Cheers,