Getting a home loan or mortgage after bankruptcy

Oak Laurel | Home loan after bankruptcy

Have you been declared bankrupt and want to get a home loan? We can help.


Home loan after bankruptcy: Get a mortgage after your bankruptcy is discharged

Causes of Bankruptcy and personal insolvencies 

There are many good reasons that people become bankrupt. Just because you have been bankrupt does not mean that you are bad or untrustworthy person. Often luck or rather misfortune can play a big factor in the equation. 

According to the Australian Financial Security Authority most causes of personal insolvencies are not business related. In fact in order of most to least the causes of personal insolvencies are:

  • Unemployment or loss of income;
  • Excessive use of credit;
  • Domestic discord or relationship breakdown;
  • Ill health;
  • Adverse legal action;
  • Gambling or speculation; and
  • Liabilities due to guarantees; 
Just because you have had some troubles in the past does not mean that you can’t get back on track. There are some specialist lenders that will consider your situation and will approve mortgages for people that can show that they are not at risk of financial troubles again.

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Contact a bad credit home loan specialist mortgage broker

An Oak Laurel mortgage broker assist you to get your home loan approved.

Call us:

+61 430 129 662


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What you need to know about getting a home loan after you have discharged your bankruptcy

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Yes, some specialist lenders will lend to people who have discharged their bankruptcy.
Some specialist lenders will accept people who have been discharged from bankruptcy for a little as one day.
If you  provide all of the income documentation requirements including tax returns (full doc) you may be able to borrow up to:

  • 95% of the property value for property purchases; and
  • 90% for refinances.

If you can provide some of the usual income documentation such as business bank statements (low doc) you may be able to borrow up to:

  • 85% of the property’s value for purchases; and
  • 80% for refinances.
You will need to meet all of the lender’s normal assessment criteria including demonstrating that you have the capacity to make the repayments. Different lenders have their own specific criteria that you will need to meet.
Specialist lenders may charge a premium above standard discount interest rates offered by normal lenders. Some lender will have a set rate for this type of home loan whilst other assess their risk on a cases by case bases for each client and offer interest rates accordingly.

Even though you are not getting the best home loan interest rate on the market keep in mind that you will only need to stay with the specialist lender until you qualify with for a home loan with the normal lenders, at which time we can help you to refinance to a better home loan.

The lenders and loans available for people with bad credit can vary widely is the terms, conditions and cost.  By using an Oak Laurel mortgage broker bad credit loan specialist, we  can guide you through the process and we could save you thousands of dollars.

Contact us today to find out what we can do for you!

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Find out about other types of bad credit home loans

Do you have bad credit? Have you had a default(s), is your mortgage in arrears, or do you have a judgment, court writs or Part 9 Agreement? Find out what we can do to help you get a home loan.

Find out about non-conforming business loans

Do you need a nonconforming business loan? Nonconforming business loans are business loans that don't meet normal lending criteria because of factors such as: bad credit; unusual asset used as a security / collateral for the loan; insufficient income; larger loan amount; or a higher loan to value ratio. Find out more about non-conforming commercial loans here:


Our Panel of Lenders

Our mortgage brokers have access to a large panel of lenders, this means that we can offer you a wide selection of home loans.

SuncorpRAMS home loansRESIMAC home loansSt GeorgeMortgage brokers Canberra - finance brokers Canberra - wide bay australiaWestpacVictorian mortgage groupPepperNMCNABmkm capitalME BankMacquarie bankLiberty financialLa Trobe financialING DirectIden grouphomeloans ltdHeritage BankFirstmacEclipse prudent mortgage corporationEZY MortgageCommonwealth BankCitibankBluestoneBeyond the banksBetter mortgage managementBankwestBank SABank of QueenslandANZBarnes home loansBank of MelbourneAMPAll State Home LoansAdelaide bankThe Rock Building SocietyWell Nigh home loansThink tank commercial financescottish pacific business finance

Please note: not all of our mortgage brokers offer products from the lenders listed here.

 

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