This loan is designed to assist those borrowers that are discharged from Bankruptcy or completed part 9 or 10 arrangements to purchase a home up to 95% of purchase price. If you are currently in a Part 9 Agreement then you can refinance your current mortgage to pay out your agreement.

It is important for the Lender to understand the event that caused this situation and to mitigate the chances of this happening again.

These events may include:

  • Bad Business decision
  • Relationship or Family Breakdown
  • Mental or Physical illness
  • Credit Card debts
  • Unemployment

We are unable to finance current Bankrupts.

Veda Report – How long can they keep your information?

  • 5 years: credit applications, overdue accounts and court judgments
  • 7 years: bankruptcy orders, debt agreements and serious credit infringements

How much can I borrow if 1 Day Discharged Bankrupt or Part 9 or 10 if PAYG?

  • Will allow you to borrow to a maximum of $750,000 to 95% of Property Value
  • Will allow you to borrow to a maximum of $1,000,000 to 80% of Property Value
  • Will allow you to borrow to a maximum of $1,500,000 to 70% of Property Value

Note: Part 9 or 10 can refinance to pay out Part 9 or 10 debts during debt agreement

How much can I borrow if 1 Day Discharged Bankrupt or Part 9 or 10 if Self Employed?

  • Will allow you to borrow to a maximum of $1,000,000 to 80% of Property Value
  • Will allow you to borrow to a maximum of $1,500,000 to 70% of Property Value

Note: Self employed must be ABN registered for a minimum 12 months

Non conforming home loans – higher risk, higher rate

Since you are considered a higher risk, the Lender will typically charge you a higher interest rate for a non conforming home loan. The greater the risk, the higher the interest rate. While you’d obviously prefer to pay a lower interest rate, a non conforming mortgage at least lets you get back in the game.

Improve your credit rating

With a non conforming home loan, many lenders might start you off on a higher interest rate, but if you meet your repayments for an agreed period, they’ll reduce that rate. A non conforming home loan can be a good way for someone with a bad credit history to improve their credit rating.

Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending.

The above gives you an overview of product perimeters however it is best to phone or apply online so we can analyse your unique circumstance.

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