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Video · 2:38

Can I get a loan to pay off tax debt? Paul Stone explains the exit strategy

2:38 · Posted 22 July 2018 on the HomeSec YouTube channel

Paul Stone explains how a property-secured business loan can pay the ATO quickly, what a lender needs to see, and why a clear exit matters more than the loan itself.

The question most people are not ready for

It is not the property and it is not the size of the ATO balance. It is the exit: how the loan comes off. Paul names three, and he does not rank them.

  1. A refinance with a long-term lender, usually a bank. Clearing the ATO balance is often what makes that refinance possible.
  2. The sale of the security property or another asset, which does not have to be the one the loan is secured against.
  3. Business cash flow: a contract that completes, a season that banks, a receivable that lands.

In his words: “We are fine with whatever the exit strategy is, just as long as it can happen within the term of the loan.”

If it takes longer than planned

Things sometimes run longer, and what Paul asks is that you keep in touch. The term is open: no minimum, no maximum and no fee to extend.

What you need to start

A rates notice and a recent mortgage statement for the property being offered. Not financials, not lodged returns and not a valuation.

The full guide

The video is the short version. The written guide has the detail: tax debt solutions for business owners.

To talk it through about your own property, ring a Lending Manager on 1300 93 83 87, Mon–Fri, 8:30am – 5:30pm Melbourne time.

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Reviewed by Jason Brockmuller, Joint Chief Executive

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