Today we got a home loan approved for another discharged bankrupt – Shane.
Like many people that have been bankrupt but discharged Kevin thought that getting a home loan with his bank would be possible; however that was not the case.
Shane fits all the normal bank criteria;
- a good income
- has saved a 20% deposit
- can demonstrate good account conduct
- the property is a standard residential house
The only issue that Shane has is that he is a discharged bankrupt. He had no adverse credit showing on his credit report but the bankruptcy was still showing; albeit was showing as a discharged bankrupt.
He had banked with the same bank for over 20-years but even that made no difference – the bank said “NO”
Can A Discharged Bankrupt Get A Home Loan?
The answer is “YES” a discharged bankrupt should be able to get a home loan but no necessarily with a bank.
As mortgage brokers that specialise in those loan applications that the banks find too hard, we have access to a range of non-bank lenders that can help in those situations where banks cannot. We are often referred to as the non bank brokers and we never going to judge a persons situation. We also have a good understanding of what lending options are available and how to present a loan application to get an approval.
Most mortgage brokers are ex-bankers and tend to understand bank loans okay, but most struggle with anything that does not fit bank criteria – like adverse credit home loans, bad credit home loans and home loans for a discharged bankrupt.
Shane’s Home Loan Was Approved
Shane contacted us on Friday 9th November after being declined by his bank and being told to talk to a specialist mortgage broker.
We discussed his situation to determine what the problems were for the bank, and then suggested what types of options would be available to him.
We then provided Shane a link to our online system where he completed a loan application and uploaded the supporting information needed. Shane completed this over the weekend so when we arrived at work on Monday morning we had everything that we needed.
The loan application was submitted to the preferred non-bank lender on Monday and today (Tuesday) we were able to provide a loan approval to a very happy Shane.
Kevin’s home loan was approved quickly and was better than he had expected.
Contact a non bank broker to help.