home loan for discharged bankrupt

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mishmash
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home loan for discharged bankrupt

Postby mishmash » Sun Mar 21, 2010 6:53 am

Wondering if anyone can give some information, we are a married couple with two children, husband has been discharged from bankruptcy for 3 years and wife for 4 months, we have recently been given a lump sum of $27k from our parents and are entitled to $7k first home owners plus $4k from our state's government first home owner scheme, so $38k in total. We are wondering if there is any chance of getting a home loan now or are we best to wait longer still? We would be looking at a loan around $300k, husband on $50k a year wife $10000 plus family assistance of $9000 a year.total of about $69-70k a year.

Thanks.

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Otto Dargan
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Re: home loan for discharged bankrupt

Postby Otto Dargan » Sun Mar 21, 2010 5:25 pm

It may be possible if you have a guarantor to support your loan. Personally I believe it is unlikely unless you can get a larger deposit to reduce your loan down to 80% of the property value. Discharged bankrupts are looked upon very unfavourably by the Lender Mortgage Insurers so it is impossible to borrow over 80% without a guarantor.
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