Is it possible to get a home loan via HTB scheme with my poor credit history in a month's time
Look this might sound stupid but I really wanted some advice from people who have been in or dealt with this situation.
So wife and I have made spending mistakes + incurred debt from business loss as we started our business right before COVID started (unknowingly) in Melbourne.
Either way at the moment we have quite a bit of debt which is fine on their own. However because I have some many accounts to look after and cash flow has been super tight, I have missed a few payments as well as on current arrangement with CBA home loan. Both our credit score therefore not so good and showing missed repayment.
Since then we have sold the business. With the CBA home loan is for an apartment I own, currently on sale.
I am anticipating a large lump sum from my parents (super grateful) to help us buy a house. This lump sum will clear all debt and left us just enough to afford something. We will have the salary income and be debt free.
If via HTB scheme we can afford 950k in total home and land budget.
My question is : Preferably I'd like to go through Bank of Australia for HTB. If I am able to clear all debt and has some left overs from money overseas, will I be able to get a pre approval from Bank of Aus with my situation? (Our income is around $150k with a young child)