Your strata loan was taken out on behalf of the strata scheme as an entity so you, as a Lot owner, would probably not independently be able to opt out of the loan and repay your portion.
Some strata loans do not require early repayment fees. Check whether yours does.
The strata loan forms part of your levies. I personally have not heard of an owner having the ability to pay out their part of the loan as working out the differentiated levies would then be a problem.
The only solution is to submit a motion to the committee and the strata manager to include at the next general meeting that seeks to have the Lot Owners vote to have the strata loan repaid and wound up. Your scheme may need to raise a special levy to repay the loan and this too would need a motion and a vote.
Below is an extract from the Macquarie web site. Your loan may not be from Macquarie so it is best to seek answers directly from your strata loan provider.
https://www.macquarie.com/au/business-banking/campaigns/strata-improvement-loan
- There are no penalties for early repayment, except if the Strata Plan wants to repay a loan that has a fixed interest rate
- In that circumstance, the Bank would need to determine the fixed rate break costs (which depends upon a number of factors, including time to expiry and interest rate levels).
- The owners should keep in mind that these loans are not redrawable, so any principal paid early cannot be accessed at a later time – they would need to apply for additional funding.
Lannock have a similar response to whether an early re-payment can be made:
“Yes. Generally there are no penalties for early repayment, however, if you have taken an Advance at a fixed rate, then break costs may apply for that Advance.”