Scenario – refinancing to clear tax debts

We recently assisted a restaurant owner who needed to unlock equity in his home for renovations. Our client had an existing loan of $650,000 and needed a further $320,000 to fund the renovations. Our clients most recent tax returns weren’t completed however we were able to use the restaurants turnover for serviceability. This enabled our client to bring forward his renovations which have recently been finalised rather than having to wait until the start of the new financial year to finalise his returns and commence the renovations. At Standard, we specialise in exploring every possible option to enable our clients to achieve their financial objectives.

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