PERTH & MANDURAH 08 9367 4222

08 9367 4222

We recently assisted a client who found themselves in a tricky situation after completing renovations at their own expense. They had used all of their cash to fund the renovation and once completed, they wanted to ‘fund back’ part of those expenses to help with cash flow. Unfortunately, this was when they discovered they had a credit default listed and also had outstanding ATO debt meaning the banks were going to look harshly on them.

Banks are extremely reluctant to lend anyone money who has ATO debt, particularly when combined with a credit default, despite in this instance that the default had a perfectly reasonable explanation (and was actually paid). It just looks bad on paper.

We spoke to the client and got a full explanation in writing and evidence of payment of where the default had been paid and the circumstances surrounding this. We utilised our network of lenders and our relationship to speak to a lender that would accept the mitigating causes of the default and could also lend to cover the ATO debt.

The client could not have been more relieved as we provided a solution that their own lender could not accommodate and even managed to get a rate within 0.2% of their own banks initial offering before the issues arose.

If you or someone you know has limited options available when seeking finance assistance, get in touch with us today so that we can help find the right outcome for your personal situation.