How to get a home loan after liquidation

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asking questions
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Joined: Fri Jun 10, 2011 9:39 am

How to get a home loan after liquidation

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Hi,
My husband is the sole director of a company that has been voluntarily placed in liquidation. It is likely that other than the debts that he has personally guaranteed (which we will pay), he will not be personally liable for other company debts. We have perfect credit ratings, and a large deposit (20%). He has a few job offers, and we are expecting to secure jobs easily within the month. My question is - how long (or after what event) will we have to wait for the dust to settle, before the liquidation will not concern a financier? thanks!

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Hoa Hong
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Re: How to get a home loan after liquidation

Post by Hoa Hong »

Hi Asking Questions,

With your current liquidation standard banks will not be able to assist you with a home loan at the moment with residential rates and lending amounts. A period of 7 years is required before the liquidation will drop off your credit report and you will be classed as a normal borrower again. In saying so if you had any debts with any banks that are part of the lquidation you will not be able to use them in the future as you will still be on their records for life.

To proceed now we can assist with a maximum 85% lend with a non conforming bank at a right closer to the 10% mark. This is a simple rate for risk, meaning they will take the risk even though you do not have good track record and lend you funds at a higher interest rate.

We would require the liquidation to be complete and your credit report noting that everything has been settled.

asking questions
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Joined: Fri Jun 10, 2011 9:39 am

Re: How to get a home loan after liquidation

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Just to clarify,

If a company is liquidated, the liquidation will be recorded on the director's credit report?
(this surprises me, since they are separate legal entities)

The only debtor that will be out of pocket after liquidation, will be the ATO (everyone else will get their money).

My husband has a perfect credit rating, and no debts.

Thanks.

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Hoa Hong
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Joined: Thu Aug 26, 2010 10:15 am
Location: Sydney, Australia
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Re: How to get a home loan after liquidation

Post by Hoa Hong »

Hi Asking Questions,

If the company is liquidated, your partners credit report will still note a directorship even if it is a previous one. If they run a credit report it will appear, but depending on what his personal credit report shows will mean if they take that extra step.

Reannavenus85
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Joined: Wed Feb 01, 2012 6:50 pm

Re: How to get a home loan after liquidation

Post by Reannavenus85 »

First, it’s important to understand that there isn’t any restriction on buying a home after bankruptcy, just on getting a home loan after a bankruptcy.

You certainly are free to purchase a home, you’ll just need to find a very flexible lender or purchase with cash or some form of seller financing.

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