A married couple approached VMG for assistance with refinancing their home loan and debt consolidation, which included ATO debt. After enduring significant financial setbacks and conflicting advice, they sought a way to regain control over their finances and establish a fresh start.
Loan Details:
- Loan Amount: $880,000
- Purpose: Refinance and debt consolidation, including ATO debt
Challenges Faced:
- Significant tax debt and arrears: The husband, a medical professional, had accumulated large tax debts and home loan arrears over time.
- Advice to file for Bankruptcy: Advised by his former accountant to file for bankruptcy, he reluctantly followed this guidance despite his discomfort with the decision.
- Accrued debts Post-Bankruptcy: After being discharged, additional ATO debts had accrued, further impacting the couple’s financial stability.
A New Plan for Financial Stability:
The couple engaged a new accountant, who developed a comprehensive business plan to improve their financial standing. This plan, shared with VMG, demonstrated the couple’s renewed commitment to managing their finances responsibly. With a profitable medical practice and a clear path forward, they were able to show serviceability, essential to securing a refinancing option.
How VMG Assisted:
VMG’s broker partner reached out to them seeking a solution to refinance the owner-occupied property, consolidate existing debts, and resolve the ATO arrears. VMG conducted an in-depth review of their financial standing and, with the reassurance of their business plan and renewed financial approach, determined they could manage repayments sustainably.
Outcome:
Recognising the couple’s commitment to financial stability and the profitability of their business, VMG approved a refinance loan of $880,000. This allowed them to consolidate debt, settle outstanding arrears, and move forward with a fresh start.
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