Customer: Property Buyer, WA
Loan amount: $250,000
Cashflow barrier: The buyer required funds for GST on a commercial property purchase. Unaware he had to pay GST, it was brought to his attention just days before settlement. The sale contract had already gone unconditional and settlement was less than two weeks away. The buyer didn’t have sufficient capital to cover the GST, legal fees and the cash contribution required to meet his lender’s requirements. The deal was at risk of falling over, and he was likely to lose his 10% deposit.
Cashflow solution: Property Credit approved the buyer's loan soon after receiving his application. This ensured he could settle on the property and didn’t lose his deposit. The buyer repaid the GST loan a month later after receiving his GST refund from the ATO.
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