If you`ve recently gone through a debt agreement, you may be wondering if it`s still possible to obtain a home loan. The good news is that it is possible, but it may require some extra effort and patience on your part.

First, it`s important to understand what a debt agreement is and how it can affect your ability to obtain a home loan. A debt agreement is a legally binding arrangement between you and your creditors to pay back a portion of your debts over time. It`s similar to a debt consolidation loan, but it`s a formal agreement overseen by the Australian Financial Security Authority (AFSA).

When it comes to obtaining a home loan after a debt agreement, lenders will generally view you as a higher risk borrower. This is because you`ve had financial difficulties in the past and may have a lower credit score as a result.

However, there are steps you can take to improve your chances of obtaining a home loan. Here are a few tips:

1. Work on improving your credit score: Your credit score is a major factor in determining your eligibility for a home loan. If your credit score is low, work on improving it by paying bills on time, reducing credit card balances, and checking your credit report for errors.

2. Save for a larger deposit: Lenders will view you as a less risky borrower if you have a larger deposit, so consider saving up for a larger deposit before applying for a home loan.

3. Find a lender that specializes in bad credit home loans: There are lenders who specialize in providing home loans to borrowers with bad credit. Do your research and find a lender that is willing to work with you despite your past financial difficulties.

4. Be honest with your lender: When applying for a home loan, be honest with your lender about your past financial difficulties. Explain your debt agreement and the steps you`ve taken since then to improve your financial situation.

Remember, obtaining a home loan after a debt agreement may take some extra effort, but it is possible. By taking the steps outlined above and working with a lender who is willing to work with you, you can achieve your dream of homeownership.