Category Archives: Bankruptcy


Can I get a mortgage after being discharged from bankruptcy?

We have good news because yes, it is possible to get a mortgage after being discharged from bankruptcy. While it comes with challenges to be worked through, you’ve come to the right place – challenging applications are our specialty.

How long do I have to wait after being discharged from bankruptcy before I can apply for a mortgage?

Most mainstream lenders (such as the main banks) will require you to have been discharged from bankruptcy for 5 – 7 years. Some non-bank lenders don’t require nearly as long, we have lenders that are able to provide a home loan the day after someone has been discharged.

How do I improve the chances of my mortgage application being approved after being discharged from bankruptcy?

We can’t stress enough how important it is to use a mortgage broker. You may think this is a self-serving view, given what we do! But we promise it is true. Mortgage brokers provide two key services for those applying for a loan post-bankruptcy:

Identifying your mortgage options

How to get a mortgage after being discharged from bankruptcy

Every bankruptcy situation is different. This means that the mortgage options that will be available to each person are different. Being an ex-bankrupt does make it harder to get a mortgage. You will have a limited choice of lenders prepared to offer you finance. That’s why it’s so important to have a mortgage broker who can identify which avenues will be open to you, and help you navigate them.

This is where we shine; Platinum Mortgages specialises in getting loans for people experiencing problems in getting a mortgage. We love a challenge! We take the time to fully understand your situation and then identify which lending options would be viable.

A minimum 20% deposit is usually required for ex-bankruptcy loans, whether the loan is with a bank or a non-bank lender. However, there may be circumstances where a loan can be approved with a lower deposit. It all comes down to the risk calculations run by the lenders. We can identify whether a lower deposit loan is feasible for you if necessary, and if not, we can help you plan your next steps to grow your deposit.

Putting your best foot forward when applying for a mortgage after being discharged from bankruptcy.

As an ex-bankrupt it is vital to put your best foot forward when applying for a loan. This is where having a post-bankruptcy mortgage broker specialist such as Platinum Mortgages makes a big difference. We understand the challenges and pitfalls you will come up against and can help you navigate around them. Having taken the time to understand your situation, we would then build your case, mitigating any issues where possible. This ensures you have the best chance of getting approved for a loan first time around.

Take your first steps post-bankruptcy

The most important thing of all is to just take some first steps. You don’t need to carry the impact of bankruptcy with you forever. We love helping people who have been through the pain of bankruptcy get back up on their feet again. Get in touch with us today to start the conversation about how we can help you realise your home ownership goals.

4 Non Bank Lender Advantages Over Mainstream Banks

Are you planning to buy your first home or a new investment property and wondering if there are alternatives or advantages to mainstream banks, such as non bank lenders? You might assume that your only option for a home loan is to go to a bank. Non-bank lenders can be a more viable alternative than you might think.

Non-bank lenders have increased competition in the mortgage industry. They have given homebuyers more options when it comes to getting the right loan for your needs.

4 Advantages of Getting a Home Loan From Non-Bank Lenders

What Is A Non-Bank Lender?

The term ‘non-bank lending’ refers to any lender who provides finance but isn’t a traditional, registered bank such as ANZ, ASB, BNZ and many more.

The Benefits of Getting a Home Loan From a Non-Bank Lender

Many non-bank lenders are well-established institutions. Non-bank lending can even offer you advantages over taking out a home loan through a bank. These benefits include:

Start-Up And Business Friendly

Banks often refer business owners to a specific business banking department. Their role is to understand your company and provide you with the lending you require. However many of these business bankers often end up being more a hindrance than a help.

It’s not uncommon for bankers to ask for business financials, budgets, projections and plans. This information is not always available to you as the client, when you need it. Platinum Mortgages can help you draw up a suitable plan, to get approved for the loan you need for your business.

More Flexible Criteria

If your credit is poor you know that you would most likely be rejected for a home loan by a bank. This is when non-bank lending may be a great alternative. Non-bank home loans usually have less restrictive financial criteria for potential borrowers. This also makes them useful if you cannot immediately demonstrate to a bank that you have the income level they demand.

If you have a default on your credit report, a bank will often dismiss you as a bad credit risk and decline your application outright. However, an experienced non-bank broker will take the time to understand your problem. They will present a plan to your lender to get your loan approved.

Lower Deposits

Banks usually require a deposit of 20% on a home loan. As house prices in New Zealand continue to rise, the deposit requirements rise as well. Consequently, getting onto the property ladder can seem like an impossible dream. This applies to most people, whether you , first-time home buyers, new immigrants, or anyone who has suffered a recent loss in equity.

However, the competition between banks and non-bank lenders and the greater flexibility offered by non-bank lending, means that they usually have lower deposit requirements than banks.

As a result, non-bank lenders have made home loans far more accessible for first-time buyers and others who may be turned away from traditional bank loans.

Non-Bank Lender

Specialist Knowledge

Because they’re subject to less regulation than a bank, non-bank lenders can offer more personalised customer service. Many focus on a niche product rather than a range of different services as well. This focus means that they often have specialist knowledge about a particular area, like the housing market.

Choosing non-bank lending for your home loan means that your Mortgage Adviser can often guide you through a more comprehensive array of options than you might get at a bank. Their expertise can help connect you with the best mortgage for your unique situation.

Buying a home can be one of the most significant investments you ever make. A Mortgage Broker from Platinum Mortgages, can give you expert advice on non-bank lending and help you find the best home loan for your needs. Get in touch with us at 0800 536 346.