What is a Part IX or X Debt Agreement?
Part IX or X Debt Agreements are binding agreements between yourself and your creditors. It is typically used as an alternative to going bankrupt. It is an agreement between you and your creditors that allows you to repay your debts by regular set repayments over a set term. They are regulated by the Insolvency & Trustee Services of Australia (ITSA) and your name will be listed on the National Personal Insolvency Index (NPII) and won’t ever be removed.
Can I get a loan with a current Part IX or X Agreement?
Definitely! These agreements typically run for several years and over time your financial situation can change significantly compared to when you entered into the agreement. Some specialist lenders will consider refinancing your current property to pay out the Part IX / X up to 80% of the valuation. This may be of significant benefit as the mortgage repayment may be significantly cheaper than the Part IX / X repayment.
Can I get a loan with a discharged Part IX or X Agreement?
Definitely! Specialist lenders will consider you from the day you are discharged up to 95% of the purchase price for purchases and up to 90% for refinances.
Part IX / X Debt Agreement Home Loan Summary
|Max LVR (Purchases)||95%|
|Max LVR (Refinances)||90%|
|Max Loan Size||$2,500,000 (up to 65% LVR)|
|Non Genuine Savings||Yes|
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