SCENARIO: Settling a tax debt with Resimac Specialist Alt Doc
Celeste^ and Dinh^ had successfully run their Vietnamese bakery since 2010. Business had been going so well that they’d been able to significantly pay down their mortgage, plus, in early 2020, commit to expanding their business by setting up a second shopfront in a new location.
They used up most of their business funds plus took out an investment loan to make this expansion happen, and everything was on-track until COVID-19 hit.
With business conditions muted and holding significant debt, they were then hit with an extensive $150,000 ATO bill that reflected when trading activity was good. They knew they weren’t in a position to settle in the current climate, but it was important for them to not have this tax debt looming over their heads.
They consulted their broker. As the couple had a lot of equity in their home as security but hadn’t completed their most recent full-year financials, she suggested the Resimac Specialist Alt Doc product. This is specifically tailored to the needs of self-employed borrowers who fall outside traditional mortgage insurance and lending guidelines and who require alternative methods of income verification.
With the current Resimac Specialist promotion including reduced interest rates1 and no risk fees up to 70% LVR, and with unlimited cash out for any worthwhile purpose2, Celeste and Dinh were able to refinance their investment loan and existing mortgage, obtain cash-out for new business equipment and consolidate their ATO tax debt, using their last 6 months BAS as income verification.
Without the burden and worry of the tax debt weighing on their minds, they were able to approach the launch of their new shop with clarity and enthusiasm.
1. Compared to rates prior to 15 March 2021. 2. LVR limits apply. ^Not a real name. The above scenario is for information purposes only and does not comprise professional advice or product recommendation.
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