All Topics / Help Needed! / question about loan…

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  • Profile photo of Lyon WillyLyon Willy
    Member
    @lyon-willy
    Join Date: 2011
    Post Count: 1
    August 31, 2011 - 6:54 am

    Hii everyone,
    I’m newbie, I am confused about the loan, its sounds silly, but If i never ask than i’ll never know.

    If I loan money from bank for 10 years, and than at the second years, I want to sell the house.
    Can I sell the house or I have to wait until the contract finish?
    Do I get charge or get penalties fee from the bank if I can sell the house before the contract end?
    and how it works?

    Please someone tell me.

    and Thank you in advance

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    August 31, 2011 - 10:51 am

    Hi Lyon

    No such thing as a silly question :)

    You can sell the house – the proceeds will pay off the debt. Anything left over after expenses will be yours.

    You will need to contact the lender to find out the fees associated with closing down the loan.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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