Being bankrupt in Australia can significantly impact your ability to get a home loan. Here are some key points to consider:

1. **Credit History:** Bankruptcy has a severe negative impact on your credit history. It will be recorded on your credit report for a specific period (usually five years from the date you became bankrupt or two years from when your bankruptcy ends, whichever is later), making it challenging to obtain new credit, including a home loan.

2. **Lender Risk Perception:** Lenders view bankrupt individuals as high-risk borrowers. As a result, mainstream lenders may be hesitant to approve a home loan for someone with a recent bankruptcy history. The likelihood of approval may increase over time as the bankruptcy ages, but it can remain a significant obstacle.

3. **Non-Conforming or Specialist Lenders:** In some cases, individuals who have experienced bankruptcy may be able to obtain a home loan from non-conforming or specialist lenders. These lenders specialize in providing loans to individuals with impaired credit histories. However, these loans often come with higher interest rates and less favourable terms compared to loans from traditional lenders.

4. **Deposit Requirements:** If you are able to secure a home loan after bankruptcy, lenders may require a larger deposit as a way to mitigate the perceived risk. A substantial deposit may be necessary to offset the challenges associated with your credit history.

5. **Time Since Bankruptcy:** The amount of time that has elapsed since your bankruptcy can influence a lender's decision. As time passes and you demonstrate responsible financial behaviour, some lenders may become more willing to consider your loan application.

It's crucial to seek professional financial advice before attempting to apply for a home loan after bankruptcy. A UNO Broker can help you navigate your potential options here