The question discussed is, once a bankruptcy is complete, is it possible to get a home loan in the future? The answer to this depends on your financial position at the time of loan application. The lender will assess the usual criteria such as saved deposit, income and expenses, as well as your ability to service the loan. Many loan forms will ask about any past or current bankruptcy, which should be answered truthfully.

Although some lenders may not proceed on this basis, it is their right to choose the parameters of their loan criteria.

However, other lenders may require an explanation for the bankruptcy. For instance, was there any personal guarantees given for a business that is now defunct? This could indicate that the bankruptcy was not a result
of reckless spending. Such lenders may still offer a loan, but at a higher rate to balance the risk of non-payment.

There are also lenders that specialise in helping those with less than perfect credit. They may charge a higher interest rate and have additional fees. It has been reported that it is possible to refinance with a more standard bank after demonstrating repayment reliability and getting better terms.

To summarise, the answer to this question is not an absolute no. The answer is contingent on the individual’s financial standing and the lender’s criteria.