I seriously get excited when people mention the above question to me and ask about the possibility of owning a home in Australia even if they have a checkered credit history.
I made it my business to learn much more about this important issue after I went through my personal financial crisis some few years ago, and decided a couple of things…
I would never allow this to happen to me again
I would learn all I could about this to help others
I know how easy it is to be bullied by the big boys when you are behind on payments and there are ways to overcome these problems and start again. However, the banks may not want to loan you anything for quite a number of years, given your past history. In Australia, this can take as long as five years to clear off your record, and naturally, you may need other ways to legitimately move into your own home.
The good news is that it can all be done, even with bad credit.
It is possible to ultimately own a property.