Re: Can a discharged bankrupt get a home loan?
Posted: Wed Jun 13, 2018 3:27 pm
Hi Ajjary. Welcome to the forums.
Lenders allow discharged bankrupt to borrow up to 90% of the purchase price of a property. However, you’ll need 14% to 16% of the purchase price to cover your deposit, stamp duty and Lenders Mortgage Insurance (LMI).
Regarding interest rates, in most cases, you’ll pay a higher interest rate for your loan. Luckily, we’ve agreed with some of our lenders to obtain regular home loan interest rates for customers who are now in a good financial position.
Discounted rates may be available if:
If you want to speak with one of our discharged bankrupt specialists, then you can call us on our 1300 889 743 or enquire online.
Cheers,
Lenders allow discharged bankrupt to borrow up to 90% of the purchase price of a property. However, you’ll need 14% to 16% of the purchase price to cover your deposit, stamp duty and Lenders Mortgage Insurance (LMI).
Regarding interest rates, in most cases, you’ll pay a higher interest rate for your loan. Luckily, we’ve agreed with some of our lenders to obtain regular home loan interest rates 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 give 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, e.g. one year.
If you want to speak with one of our discharged bankrupt specialists, then you can call us on our 1300 889 743 or enquire online.
Cheers,