Can You Get A Home Loan After A Debt Agreement

Owning this home is a destination for most Australians. Obviously, Part 9 of the debt agreements is a problem in terms of obtaining funds for the purchase of a home. In general, most people feel that they can maintain the debt deal – home loans. Although a question is always asked, how can I buy a house after a bankruptcy? While these lenders are more flexible when evaluating your application, they calculate a higher interest rate to offset the higher risk for your home loan. With Positive Finance Solutions, we know that it can be difficult to get a home loan with non-performing loans. That`s why we specialize in providing home loan solutions to people who have previously been rejected by other lenders. If you have entered into your debt contract or have been cleared of bankruptcy and would like to apply for a home loan, please contact us on 1800 560 591 for a free consultation. If you already own assets and have built up equity, private financing should also be considered as an option. Specialized brokers can help find a private lender that will work with non-performing loans.

These lenders have more open guidelines for approving loans. It should be noted that non-traditional lenders generally bear a higher interest rate to offset the additional risk associated with cooperating with lazy borrowers. There is an inverse relationship between the credit score and the interest rate. The lower the credit score, the higher the interest rate, but credits below 80% of the real estate value will be easier to obtain. Serious credit problems and loan applications of more than 80% of the value of real estate will drive up much higher interest rates. Loans are assessed individually and statements behind credit problems can make a difference for some lenders. Permissions are generally faster than average. Banks use your credit file to perform the valuation. Your credit file contains, among other things, complete credentials, including name, current and past home addresses, date of birth, driver`s license number, and current and past employers. If you have applied for a loan or financing in the past 60 months, the credit quality check performed by the potential lender will be displayed as a request for your credit file. If you have an excessive number of applications, this alone can lower your creditworthiness.

The file will also contain all court decisions or judgments and bankruptcy applications. If you`re having trouble keeping up, there are many ways to get your financial situation back on track. A popular alternative to bankruptcy is to launch a formal agreement on Part 9 debt. A debt contract (DA) is a legal and binding agreement between you and your creditors. It outlines a new affordable repayment plan for you to pay off your debts. While a debt contract avoids the consequences of bankruptcy, it affects your ability to apply for financial loans, both private and home loans.