Ex Bankrupts with strong savings or a good deposit can access home loans at bank rates through us.
How will this affect your chances of getting a home loan?
I have yet to meet anyone who has gone through bankruptcy, and didn't find it stressful. My advice to anyone contemplating a declaration of bankruptcy, is don't do it unless there is definitely no other reasonable course of action. This action will stay on your credit file for a minimum of seven years, and even up to four years after you are discharged you may find it difficult to get mainstream finance. Time and time again I hear the comment "If I had known how bankruptcy would affect me I would not have done it" Don't let yourself get talked into what seems like an easy way out, because it is not. Remember people who promote bankruptcy get paid only if you enter into bankruptcy, and get nothing if they save you from that ordeal.
The GOOD NEWS is that we still have lenders who will look to assist wherever possible to help you buy your house, even if you have just been discharged from bankruptcy. You will need a good deposit, and the interest rate is also higher. If you would like to discuss you situation, simply fill in our Application Form, and tell us when you were discharged from bankruptcy. We will phone you to discuss the situation.
Save your house - If your finances are spinning out of control and you are worried that you may lose your house, apply immediately and ask us for help. We have saved a lot of clients from losing their house and kept them from going into bankruptcy.
More Information - Click on the ITSA link to go to the government website for more detail on the terms and conditions of bankruptcy. There are differences between Part 9 and Part 10 bankruptcies that you need to know. Read this before you declare yourself bankrupt.
Looking Ahead - Yes lenders will lend to an ex bankrupt. If you have a reasonable deposit then you have a very good chance of re-establishing yourself and buying your own home. Once you have shown that you have got over your problems you will shake off the affects of your past bankruptcy, but it will take a few years. Interest rates will initially be higher than otherwise available. Note that since the credit crisis of 2008 less lenders will consider recently discharged bankrupts, and they now look for a higher deposit. It is too complex to explain all aspects of this so we recommend that you contact us to discuss your particular situation.
We can give you an indication of what rates would apply in your circumstances as long as we have all of the information usually required for a loan application.
Are you an Ex bankrupt who wants to apply for a home loan?
Simply complete our standard application form, and fill in as much as possible. At the bottom of the form tell us when you were discharged, and we will contact you to discuss your options. Click on the "apply now" button at the bottom of this screen, or this link and fill in the form.
Don't wait forever, start talking to us now about your home loan so that we can get you on the right track.