Our landlord suprised us by putting the house we are living in (Rockhampton) on the market. My wife and I have been scrambling to get some cash together to buy it and so we signed a contract on it in both names, naturally. Because I am a discharged bankrupt (Dec 2004) I got countless promises only to be dragged along all week to be told NO!
There excuse was that ‘the’ banks have a code that prevents people like me applying for credit until 2 years after being discharged. This is the first time that I have heard of it. Has anyone else?[angry2]
The good news is…that thanks to a certain ‘aussie’ (Hint) he suggested the loan go in my wife’s name only and it got us across the line. He certainly ‘saved’ us. Pun intended.[biggrin]
Yes, that is certainly a problem. You possibly could have gotten finanace, but at rates of aroun 10%+. better off in the wife’s name only.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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