Hey,
I am looking to buy a house, with my Girlfriend, I have a 100% perfect credit rating, had a previous home loan, paid off, no missed payments, etc. etc.
BUT, as you may have guessed from the thread title, my Girlfreind, has recently come out of bankruptcy, I have been told by someone at the ANZ bank (and assume others would be similar) that the bank itself would probably not have a problem with this (given my own record, with them) and our jobs, salary, etc. BUT, that 'Mortgage insurance' would knock it back.
SO, as far as I am aware, any loan borrowing more then 80%, requires mortgage insurance. We have close to, but not quite the required 20% (about $70'000 of the 85'000 required for a $350'000 house -allowing for stamp duty, legal etc.)
Firstly, is what I've said correct?? and does anyone know of a way around this? Maybe get a guarantor?
Thanks for any help.
Craig