Paying off ATO debts through refinancing as a self-employed
Occupation
Self-employed – Electrician Services
Location
VIC (Cat 1)
Loan Amount
$1.85m
LVR
70%
Property Type
House
Scenario
Mr M has been running his electrician services business for 7 years. He has been making monthly instalment payments on his $150k ATO debt, and all of his debts are in good standing. He owns an investment property in Melbourne; the current value of the property has appreciated to $2.7m over the past 9 years.
Mr M decided to explore his options for refinancing his home loan to pay down the ATO debt and cash out $200k to purchase some equipment, including a bucket truck and generators for his business, which would allow him to take on larger jobs.
How did Brighten help?
With our Alt Doc Near Prime product Brighten Boss®, Mr M provided us with an accountant’s letter, rental income statements, and a completed purpose of loan funds declaration Form containing a detailed breakdown of the use of the funds.
Mr M secured a refinance loan of $1.85m, which included the remaining balance of his original mortgage, the funds to fully pay off his ATO debt, and the additional funds to purchase the new equipment to expand his business.
Fees, charges, lending criteria applies.