Discharged part 9 debt agreement looking for a home loan.

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amyk
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Joined: Wed Sep 15, 2010 12:15 pm

Discharged part 9 debt agreement looking for a home loan.

Post by amyk »

Hi my husband and i are discharged part 9 debt agreement. We only had the debt agreement for 1 month. We sold our house to pay out debt agreement. We are currently renting at $350 a week. My husband earns around $60000 per year and i recieve around $13000 family assistance payments. We would like to know if we can some how be able to get a new home loan and start afresh. We dont have any savings.

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Otto Dargan
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Location: Sydney, Australia
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Re: Discharged part 9 debt agreement looking for a home loan.

Post by Otto Dargan »

Hi Amy,

I've got a few quick questions to better understand your situation and so that I can find out if you are eligible for a loan.
  • How long ago was the Part 9 lodged?
  • How much was it for?
  • Are there any other defaults etc on your credit file?
  • How long have you been renting?
  • Has your rent been paid on time?
Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

amyk
Posts: 2
Joined: Wed Sep 15, 2010 12:15 pm

Re: Discharged part 9 debt agreement looking for a home loan.

Post by amyk »

Hi, Not sure what you mean by part 9 lodged??? The whole approval prosess took about 2 months. The debt was about $70000 so we sold our house and paid of debt. We have been renting for about 7 1/2 months. Yes we having been paying our rent on time each week. We can obtain proof of rental payments. Im not 100% sure about defaults but i can look into this. We also have a car loan that has about $9500 left to pay also making payments on time which is $70 a week. Thanks Amyk..

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Discharged part 9 debt agreement looking for a home loan.

Post by Otto Dargan »

So basically the Part 9 was setup around a year ago and paid shortly thereafter. You may qualify for a guarantor home loan with a security guarantee under the following conditions:
  • Wait one more year so that it has been two years since your part 9 was lodged.
  • Save a small amount, make regular savings of $50 - $100 / week or so. This is just to show you can save money.
  • Make sure all your rent is paid on time.
  • Pay off your car loan, again make sure all of the payments are on time.
Alternatively if you don't have a guarantor then you may qualify for a 90% loan in around 3 years time. You would need to save a deposit in this case.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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