While you are in a Bankruptcy or Part IX Debt Agreement you cannot borrow money, unless you are paying an existing home loan out. That will apply if you have an existing home loan that continues on through your Part IX Debt Agreement or Bankruptcy. Yes that can happen. If the value of your property has risen dramatically since the start of your Debt Agreement or Bankruptcy, you may have enough equity to pay things out, or make an offer to annul a Bankruptcy.

You may be looking at selling the home and buying another, you may be looking at buying another car, or the home may need urgent repairs. If there is enough equity you may even be looking to pay out your debts and get a little cash out.

Every circumstance is different but things are sometimes still possible in this situation, albeit at a higher interest rate.

Normally 5 years from the commencement of your bankruptcy or debt agreement things will reset on your credit report and allow a new start. You are not stuck on a higher interest rate for ever if you have got your life back in order. If you have to refinance at a higher rate during this period, we can always refinance back to a normal rate Home Loan once your credit is reset.

I have just completed a Bankruptcy or Part IX Debt Agreement

The day you are discharged from a bankruptcy or debt agreement there are specialist lenders available to help. Home and car loans finance becomes available. Don't expect to be able to borrow at the lowest interest advertised to start with. You will still be at specialist interest rate, but the good news is that this space now has a lot of competition and it may not be as bad as you think.

After 5 years have passed from the commencement of your Bankruptcy or Debt Agreement you Credit report should reset and with Positive reporting, continue to get better. This is when we can bring you back to the better Interest rates available. Of course that is if you have kept up good repayment history during this period, of the Debt agreement, of Utilities and haven’t had any new defaults go on for any reason.

DO NOT be tempted to take out (Pay Day) High Interest Loans during this time, it will ruin your credit report again.

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Customer Enquiries: 1800 825 010

Admin Office: 0243696287

Email: info@moneybuckets.com.au

Post: PO Box 6100, Kincumber, NSW, 2251


Money Buckets ™ is a Trademark of Starlight Home Loans T/as Fast Debt Help

ABN: 94 145 613 056

Credit Lic 388809

Established 2010

MFAA membership 319292

Affiliates: Second Step Administration RDAA 1668

The Rite Place Pty Ltd trading as Debtrite