Browse Forums Home Finance 1 Oct 01, 2010 10:11 pm Hi, I have a home loan and a home. I would like to sell up and pursue a owner builder project which will be pretty unorthodox (nothing a bank would likely ever finance). Can I just sell the house and reinvest the money without interference from the lenders (bank), or do I have to get the banks approval to do this? I got my loan with Aussie Home Loans through the Commonwealth Bank. Any advice greatly appreciated. Re: Can I just sell up and re invest the money as I see fit? 2Oct 01, 2010 10:15 pm The bank has to be paid out when you sell - so the short answer is no with a regular loan different if you had a line of credit or some other arrangement but they always want some sort of equity that will cover their risk. Re: Can I just sell up and re invest the money as I see fit? 3Oct 01, 2010 10:16 pm That's what I figured Thanks for clarifying Trish Trish The bank has to be paid out when you sell - so the short answer is no with a regular loan different if you had a line of credit or some other arrangement but they always want some sort of equity that will cover their risk. Re: Can I just sell up and re invest the money as I see fit? 4Oct 05, 2010 3:51 pm Just be aware that if you have a fixed rate it may be expensive to exit the loan as there are additional "break fees". If you have had your loan for over 4 years then the CBA exit fee is approx $350 to discharge the mortgage. If you have had it for less than 4 years they will charge you around $1,050 to exit. Just to let you know even if the house is going to be something unusual that lenders will not finance, you can still borrow against the value of the land! I've just had a look at the website. The company are just building broker's. There are plenty of similar companies that basically draw your plans (they own them so you… 8 10854 This is the current bathroom with a european laundry. Overall internal dimensions are 3.69 wide and 3.65m deep, including the footprint of the laundry. There is a toilet… 0 10338 Thanks for much mate. I see that you do cabinets before flooring. For timber flooring, for most parts it's fine because it's got base plates, and for door jabs you can… 7 11550 |