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Bankrupt seeking property

Unfortunately I had to declare myself bankrupt three years back. What advice do you have for me to get myself back on track? I would love to own property. Will this ever be possible?

Posted by Brayden L on 15/04/2014 @ 15:37

Thanks for the question Brayden.

You would have no trouble getting yourself a loan to buy a property. The big problem though is that as a former bankrupt you are steered towards those who lend money to anyone, no matter their situation. This type of lender is only too willing to lend, but their interest rates are very high. And over time this can really work against you as you struggle to manage repayments.

You are better off taking a longer term approach to this. Go to a community based credit union – one where you can walk in and talk to the manager and explain your situation. Open an account and start saving! Work to maintain that relationship and work to build the savings.

This way you have a chance of owning a home, despite your unfortunate financial history.

Posted by Martin Speedie on 16/04/2014 @ 10:08
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