Can I get a 95% Mortgage if I am a Discharged Bankrupt?
“If you’re discharged from bankrupt now or ever have been, there’s no way you can ever own your own home.” This has long been the belief of the greater public and we have the media, the big lenders to thank for it. With bankruptcy on the rise in Australia, along with bad credit, any wonder there are so many people around, feeling completely helpless when it comes to their home ownership prospects!
The Myths about being Discharged from Bankruptcy and Home Ownership
As a bad credit mortgage expert, I know what can and cannot be achieved when it comes to bad credit and home ownership. I am now giving you written permission to ignore all of the following regarding bankruptcy and home ownership, because they are myths:
• If you are a discharged bankrupt, home ownership is impossible: This belief that if you are a discharged bankrupt, you cannot get a home loan is baseless. Take one look at the wonderful things bad credit mortgage brokers are achieving and you’ll realise this in an instant. The banks will say no, but bad credit mortgage brokers will say yes – how can we help you?
• If you are a discharged bankrupt, I will need a very large deposit: This belief that if you need a large deposit is baseless. We have funders that lend 95% mortgages for Discharged Bankrupts in high population areas.
• If you are or have been bankrupt, any loan offered to you will have incredibly high rates of interest: Many people believe that any loans that bankrupts can secure will be impossible to afford due to the high interest rate. This is a myth, however it is true that the interest rate on a home loan for a bankrupt will be higher than the bottom rate. Even so, it is possible to secure a loan that has a reasonable rate that will be affordable. A good team of bad credit mortgage brokers will work with people who are or have been bankrupt, to ensure that each client achieves financial control, so that when they do secure the loan, they can pay it off with ease and be well on their way to a financially secure future.
Even today when bad credit mortgage brokers are achieving so much for their bad credit, bankrupt clients, most people will still stand firm on their beliefs as stated above. Part of this is largely due to the fact that bankruptcy still has a significant stigma attached to it and the myths are literally coming out of the mouths of ‘experts’. People never think to question them, and simply take their word for it.
The Best Way to Secure a Loan if you are a Discharged Bankrupt
First of all, you need to understand that bankruptcy isn’t the end. In my opinion, it is best for bankrupted people to see it as an opportunity to pursue financial control! The best way to secure a home loan if you are or have been bankrupted is to see an experienced bad credit mortgage broker. They deal with bankrupt clients all the time, and know who to talk to and how to turn the financial lives of clients around for the better.
To secure a good home loan that you will be able to afford, forget the banks and the majority of mortgage brokers. They just can’t help you. Specialists can though, so dismiss the negative propaganda our media, big lenders and most mortgage brokers churn out so well! Be the proof that these messages are myths and talk to a bad credit mortgage specialist today!