Good borrower and "bad" borrower history

Discussion in 'Loans & Mortgage Brokers' started by Justlooking, 2nd Mar, 2020.

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  1. Justlooking

    Justlooking New Member

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    2nd Mar, 2020
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    Hi everyone.

    I am new here so please excuse if this question seems simple. We are in process of starting our journey (buying our home) and have a question. If one partner (me) has a fantastic credit rating and the other partner is a discharged bankrupt, will anyone lend us for a home loan?

    We have tried with IMB and they told us they are more than happy to lend the money to just me, but not to joint as the partner is a discharged bankrupt. I am a bit confused, as I thought two people would be better.

    We are just wondering now if we should try someone else or just go with one applicant. If you know anyone would really appreciate the help.

    Thank you!
     
    Justlooking, 2nd Mar, 2020
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 2nd Mar, 2020
    #2
    significance, Morgs and Lindsay_W like this.
  3. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    If you can service the loan off your income solely then might be best to leave your partner off the loan and off the title. Would still need to declare living expenses based on a couple etc.
     
    Marty McDonald, 2nd Mar, 2020
    #3
    Terry_w and significance like this.
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    There are lenders who will lend to discharged bankrupts but lower lvrs and higher rates
     
    Terry_w, 2nd Mar, 2020
    #4
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Disharged how long ago, and what was the reason for the br

    ta
    rolf
     
    Rolf Latham, 3rd Mar, 2020
    #5