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Will bankruptcy stop me from getting a housing loan in the future?

FAQs | Bankruptcy and Your House

Bankruptcy is recorded on your credit rating for 5 years and during this time it is unlikely that you will be able borrow for a home. Once your credit rating has been cleared of bankruptcy you may be able to borrow for a home loan. To be approved by your lender for a loan, you will need to:

  • have a good credit rating – no further defaults after becoming bankrupt
  • be able to service the debt
  • have a good savings history
  • have stable employment
  • have the required deposit

It is common for people to save towards their deposit for a home during bankruptcy. If this is something you would like to do – make sure your savings during bankruptcy remain in your everyday bank account. If this is your situation we recommend that you give us a call and have a chat about your circumstances and we will give you our input.

For further information on bankruptcy, we recommend our articles ‘Pathways to Bankruptcy – Essential Facts’, ‘Life During Bankruptcy’ and ‘The Bankruptcy Option Explained’.

Nicholls & Co have a complementary ‘help desk’ to answer your questions on bankruptcy. Call Nicholls & Co on 1300 060 122 or email

Alan Nicholls - Registered Trustee

Alan Nicholls’ no obligation help desk

Nicholls & Co provide a free, no obligation ‘help desk’ for people considering bankruptcy – we discuss and explain bankruptcy and answer questions for anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone  
1300 060 122  or . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to decide if bankruptcy is right for you.