Obtaining a loan after a bankruptcy can seem like an impossible task, at Debt Fix we understand this concern and are experts in helping people with credit impaired histories. Once your bankruptcy is discharged ( usually after 3 years ) there are some lenders willing to look at your individual situation and offer you lending products. The most common form of lending after a discharged bankruptcy is re-financing, even freeing up 'cash out' if there is sufficient equity and serviceability. This can be the first step in rehabilitating your credit history to a good standing after suffering a bankruptcy.

STEP 1 - Getting Ready Before you look at applying for re-finance as a bankrupt you should look at when you're bankruptcy will be discharged, you are not able to apply prior to this date. You should have a 6 to 12 month plan before you look at re-finance after bankruptcy. From the date of your discharge you should look at keeping all your bills and especially your mortgage up to date. Try opening a credit card account and keeping it up to date, this will show potential re-finance lenders you are keeping your commitments up to date.

STEP 2 - Finding the right broker/lender Keep in mind that your bankruptcy remains on your credit file for 7 years even though you may have been discharged after 3 years. Added to this most, if not all lenders will ask on thier application form 'have you ever been a bankrupt?' So even after 10 years the issue still comes up. Going to a lender or a broker that does not specialise in your circumstances could be a mistake. Find a company like Debt Fix Pty Ltd who specalise in helping people with credit impaired histories and deal with lenders that accommodate individuals with credit impaired histories.

STEP 3 - Getting the right package Whilst there are lenders willing to look at financing a discharged bankrupt they will invariably offer packages that run over the current variable rate and may incorporate a risk fee into the loan. Whilst this is ( in most cases ) unavoidable, it doesn't mean that this will be the case for the rest of your lending life. Getting a loan started is just a step in repairing your credit rating and eventually returning to rates that individuals without credit impairment have access to. The lender may even offer a 'cash out' against your equity, be careful. Being a discharged bankrupt, you probably do not have a lot of other bills or credit cards to worry about, increasing your mortgage may make it more difficult keeping everything up to date, which is your long term goal in getting back to a competitive interest rate.

STEP 4 - Keeping everything up to date Depending on the type and conditions of your new re-finance loan you will be able to move it or upgrade it to better rate after a period of time ( usually 1 to 3 years ). It is important that before you reach this point that you keep your new loan up to date and don't miss any payments. Before looking at this option it is important to understand the conditions of your finance. Always, use companies like Debt Fix Pty Ltd who are experts in helping people with credit impaired histories.