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Each financial year all Australians are obliged to lodge a tax return. It is often a time-consuming, complex procedure, and many people make mistakes on their tax returns, which came back to them as an Unexpected ATO debt.
If you are dealing with a large ATO debt, then go ahead and read how consolidating your mortgage and refinancing your tax bills can help.
Some potential causes include:
Paying your tax debt off by refinancing enables you to:
Note: However, taking the tax debt mortgage has certain drawbacks as you are taking another loan to close the outstanding debts.
Hence, it is advisable to consult with a loan specialist before making a decision.
Most lending institutions will not approve a refinance on outstanding ATO debt.
However, with the assistance of a lending specialist, you may borrow up to 90 per cent of the property’s value if you qualify the following criteria.
Up to 90% LVR: Your current loan plus tax debt must be less than 90 per cent of the value of your property when combined.
Loc and Thuy were shocked to receive a capital gains tax bill after the sale of some investments, they also wanted to consolidate a personal loan and a credit card debt into a single monthly payment.
Loc and Thuy used their owner occupied property at Burton at 80% LVR to apply for a loan with our Specialist Clear Loan product which allows for consolidation including ATO debt up to 90% LVR.
Loc and Thuy have now avoided entering a payment plan with the ATO and can focus on getting back on track with their finances.
Get a few minutes of expert advice over the phone on how to manage your unexpected ATO debt.
We are here to assist you at every step of the way.
Just call me directly on 0435 856 649 for a quick chat or send me a confidential obligation free enquiry online.
Steve Barker
Loan Consultant
Ph: (08) 8263 4009
Mob: 0435 856 649
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”