Just because you have been bankrupt doesn't exclude you from getting a home loan. But it does change the rules and make it harder.

 There are currently NO LENDERS who will do a 100% home loan for someone who has recently been discharged from bankruptcy. If you want to purchase a property and are an ex-bankrupt or discharged Part 9 or 10 then you will needa large deposit (usually 15 or 20% of the purchase price if the bankruptcy is still on your credit report).

We have a range of lenders who will approve a home loan one day after bankruptcy is discharged. We even help those who have experienced multiple bankruptcies. But there are only a few lender who do these sorts of loans and you usually require a significant amount of equity in a property you already own or need a large deposit if you're looking to buy a home.

Bankruptcy stays on your credit history for 7 years from when the bankruptcy starts so it will be there even after you’ve been discharged, the same applies to a part 9 or part 10 debt agreement. While it’s almost impossible to do a new home loan for someone who is currently in bankruptcy, it is possible to do a home loan against a property to buy yourself out of bankruptcy or a Debt Agreement. In cases where a bankruptcy had been paid in full by a refinance, the bankruptcy can often be annulled & removed from your credit history altogether.

Once you’re out of bankruptcy, it may take some years before mainstream lenders are comfortable lending to you again, but there are specialist lenders who will do home loans for ex-bankrupts, The longer you’ve been out of bankruptcy the better, however if you have equity in your property or a good deposit, we can get you a home loan as soon as you’re discharged! A number of rules apply and it really is a case by case scenario.

Due to the recent changes to non conforming lending in Australia, the deposit requirements for ex-bankrupts buying a property are currently changing. For specific information about your situation send us an email or call 1300 139 883

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