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Thank you for the question. The advice they have given you is not technically incorrect, however there should be a caveat to this. If your credit rating dips dramatically, then it could recover to a level where you could be approved for a mortgage within 5 years. However this is not strictly straight froward. You would have to ensure that you are doing your part for the credit rating i.e. making all payments on time, register on the census etc. obviously if you were to take out any cards or loans and default or take out too much credit then that would also negatively affect your rating also, therefore this would require to be factored in. However, if you have a clean record and don't do anything that negatively impacts your credit score then it would be possible to recover in 5 years.
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