Browse Forums Home Finance 1 May 29, 2009 12:09 pm hi we just had our land settled but we didnt use the whole amount to settle the land as we are using the rest of the money to build our house. Waiting to hear from the builder on a date to sign the contract. We have a car loan and are paying 9.75% interest to SGB. Wondering if i can use the loan money which is in the offset account to pay off the car loan. Has anyone done this before? Many thanx Re: can i use home loan to pay off car loan 2May 29, 2009 2:08 pm If it is in an offset account then there is normally nothing stopping you from redrawing it as you want. HOWEVER in this current economic climate it would be better to leave it until your home is fully complete and then if the funds are still unused then redraw and pay off the car loan. Too many people here have had issues when it comes time to build about valuations coming in low - this buffer may allow you to finish your home completely. Some things are worth waiting for. Re: can i use home loan to pay off car loan 3May 29, 2009 2:12 pm I agree with Kyton and think it's best to wait until your house is totally finished. Then if you still have surplus funds available, redraw and put it off the car loan. Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19378 dimensions on your original plan are inconsistent and with accurate dimensions (including site plan, upstairs and down) i could make a proper scale drawing with furniture… 3 7572 |