Hi all.
ive just recently been dischared bankrupt, long story on how it happened maybe for another time.
ok im currently making 100k a year now `and would love to learn how to brake this bankrupt cycle, i clearly understand that i have no way in hell on getting a loan from a bank no matter how much i earn or save.
was wondering if i started a family trust account or maybe a company to buy invertment properties..
could this be done?
i have saved 100k in the past 4 years.
any help would be great.
Banks are not the only lenders these days. Search this forum for "vendor finance". You'll see
Jacqui Middleton | Middleton Buyers Advocates
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bb2000 wrote:Hi all.ive just recently been dischared bankrupt, long story on how it happened maybe for another time.
ok im currently making 100k a year now `and would love to learn how to brake this bankrupt cycle, i clearly understand that i have no way in hell on getting a loan from a bank no matter how much i earn or save.
was wondering if i started a family trust account or maybe a company to buy invertment properties..
could this be done?
i have saved 100k in the past 4 years.
any help would be great.
Many lenders including banks lend to discharged bankrupts.
It may still be difficult though. You could use a trust, but the person behind the trust is assessed and if that is you then it won't make much difference. You will need a clean history person.
There are also other implications to buying in trusts to consider.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks everyone,
yeah ill probably wait till credit history is fully clear.
might go into business in the mean time.
thanks again
You have 2 options. You either go with a specialist lender and pay an arm and leg for the finance or if possible purchase the property on joint names (say with your spouse) however the application would need to services just on your spouse's income, must be under 80% and a few other rules apply. Not all lenders will do this and some will.
TheFinanceShop | Elite Property Finance
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thanks shahin ill just wait till my credit file is 100% CLEARED and then ill start investing in property, in the mean time i might invest in a business.
bb2000 wrote:thanks shahin ill just wait till my credit file is 100% CLEARED and then ill start investing in property, in the mean time i might invest in a business.It may take 7 years until your credit file is cleared, but having entered bankruptcy will always haunt you.
I would suggest you not hold back, but just plan things carefully.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have a lender that would lend to a bankrutp person 6 months out of bankruptcy. Up to 80% LVR, rate is a bit high at 9.35% at the moment, but it is possible to borrow.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Are you serious? lock yourself out of the market for 7 years? Look around for a decent vendor financier who's not a shonk and will look after you. Steve Mcknight used to offer this sort of a deal – not sure if he still does. I also still have people that I started financing 10 years ago but many have been able to re-finance meanwhile. had they waited they'd have missed the boat and missed the security of having a place that they belonged to
I agree i can't believe anyone would give up and come back in 7 years time.
There are many standard lenders who will lend to a Discharged Bankrupt at varying rates depending on the amount of deposit that is available. We have been a provider of Vendor Finance for nearly 14 years now and have made clients who have doubled their money. If they had waited until their Credit file was clean they would have missed out on many an opportunity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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