About us…
Me: 25 years old, employed on a full-time basis in the same workplace/role since July 2009, with a gross annual salary of $60,000 (with guaranteed pay increases every 6 months - written into my contract).
I applied for, and was declared bankrupt in October 2007 (total bankruptcy was $21,000) - My bankruptcy was discharged in October 2010, however this is still listed on my credit file (as expected).
Besides the above, I have not had any other defaults or credit issues... (I never do things by halves I guess?).
My partner: 38 years old, self employed for the last 15+ years… Clear credit history with excellent repayment history on past/current loans.
He purchased his first home in June 2008 for $312,000 with a deposit of $10k, $7k FHOG, and a mortgage of $300,000 (obviously some of the initial $17k went on legals and other fees). At this point in time he also had a Chattel Mortgage (car finance) with repayments of circa $750/month.
When he applied there was no major hassle in obtain the above home loan however (apart from having LMI due to the LVR), I am worried that it is going to be difficult, if not impossible for us to refinance down the track (as joint applicants, rather than he as a single again).
The home loan today stands at $274,000 with some $10k in redraw available. We make repayments of $1160/fortnight (well above the minimum required monthly repayment). Since obtaining the mortgage, the previous car loan was repaid (February this year) and he now owns that vehicle outright - in April 2011 he took out finance on a car for me (however this is in his name) and the repayments on that vehicle are $850/month.
He has never been late with, or missed any mortgage or car repayments, and the credit card provided with the home loan as part of the Commonwealth Banks 'Wealth Package' has always been fully repaid on a monthly basis to ensure that no interest is ever charged on our purchases - considering that we have spent in excess of $180,000 on this card since June 08 without being charged interest or having a balance that roles over month-to-month I feel is quite an achievement!
As far as my wage is concerned, $1550/fortnight is deposited directly into my partners account (his only account). It is from here that the Mortgage, Car, and Credit Card repayments are made, along with any other banking and living expenses. My partners income is also deposited into this account…
I have my own everyday account also, however there is only $110/fortnight deposited into this account and that covers an education expense that I have relating to my current studies.
My partners property (our principle place of residence) today would be worth anywhere between $340,000 - $365,000.
What are our options - will any of the banks give us a look considering my previous bankruptcy? We would ideally like to build a new home on our land (dual occupancy) and will need to borrow another $200,000 (however we would like to reduce the current mortgage down to $250,000 prior to this). Are our heads in the clouds?!
Please, any advice or guidance would be very much appreciated - Thanks in advance!!!