For Owners

Your Questions Answered

• Is this a personal loan against my name?
  No, the loan is taken out by the owners corporation or body corporate. It is an unsecured loan and no personal guarantees are required.
• What happens if not everyone agrees?
  To proceed with a loan it must be agreed upon at a general meeting. If the resolution is passed then all owners will make contributions towards loan repayment through their levy payments.
• What happens if I sell my property?
  If you sell, the new owner will take on the levy payments therefore continue to pay towards the loan.
• As this is unsecured, who is responsible for the loan?
  The owners corporation or body corporate is responsible for the debt and ensuring loan repayments are made.
• What happens if I want to repay the loan early?
  The entire loan can be paid early with no penalty (except if the loan is in a fixed interest rate period). This needs to be agreed upon by the owners corporation or body corporate and once given this directive we can organise the rest.