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Thank you all for your responses.
So far I have been told by the Strata Manager that it needs a resolution to get through, which of course I appreciate and confirms the above.
Your cautionary advice is noted too. So wording of the proposal being put to the vote of the owners is extremely important. Thank you.
I shall follow up the Strata Manager and try and obtain more information on the loan arrangements to see if it is a fixed loan (which I don’t think it is as it was on the basis that we would only repay what had been drawn down and at our last AGM we were advised that we hadn’t drawn down the full amount originally planning to be borrowed.) And also if there would be benefit or cost to those owners who are unable to pay out the loan in one hit. Obviously if they would be disadvantaged, then I wouldn’t be interested in proceeding. I am hoping that it would be a win-win situation.
Again, thank you both for your valuable advice.