Julianne walks through how a self-employed borrower with five properties cleared ATO debt and refinanced with a major lender. The strategy used a non-conforming lender first to lower rates and clear tax debt, then moved to a big bank to reduce repayments and keep the properties.
Hey everyone, it's Julianne here. I just wanted to talk to you about today. One of the clients that I've been working with that we've been able to find a really great solution for. So the issues that he had was that he had a bridging loan which was one of five properties that he had. He's self employed, he had an ATO debt and he was unable to refinance. So he was paying a lot of money and unable to sell his property. So what we looked at was a multi step solution for him. What I did was looked at his, firstly all his financials, was he able to make that work? No. So we had to go down a separate road to be able to make his income work for him. So what that looked like for him was a non conforming lender. What that meant for him was that his ATO debt was paid out and cleared. He wasn't able to find that solution unfortunately from a couple of other brokers because there is a little bit of a fear around going through a non conforming lender. What that meant for him to go to a non conforming lender was that his ATO debt was repaid and that he was able to then get a lower interest rate for the meantime. It did mean that his repayment was a little bit higher, but with the clearance of the ATO debt it meant that we are able to refinance him out to a major lender which then further reduced down his repayment. One meant that he could keep both of his securities that he didn't have to sell it and he could also be able to manage his money a whole lot better because his interest rates were lower. If you're in a pickle like this, give us a call here at Diagnostics and Finance on 029-188-4488.
