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From: Shelly R



Hi All,
I have arranged for an application form to be sent to me for a pre approval with IMB Insurance.
I'm told that they take 90% of the rent into consideration.They also qualify your application on their current interest rate,being 6.5% at present.
Any one had dealings with them?
Bye Shelly R
 
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Reply: 1
From: Gregory H


Which State are you from Shelley?

Thanks

Greg
 
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Reply: 2
From: Debbie .


The IMB (Illawarra Building Society) is not new. They have been around for a long time and have branches throughout the South Coast of NSW. Within the last few years they have opened branches in Sydney as well (not many of them though).

I don't have any loans with them, but I believe they are just as good (or bad) as any other Building Society.

Debbie
 
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New Lender IMB

Reply: 2.1
From: Gee Cee Clay


I got my first home loan from them back in 1978. (OLD GEE CEE)
$19000 for purchase of a $23000 house.
(My dad thought I was MAAAD.


I think they are much the same as most lenders but of late I have found that if the figures do not add up to what the computer says then there is no negotiating.

Last loan I applied for they wanted a mortgage on everything.

Yet ANZ & National just required the property being re-mortgaged as collateral.

This was 2 yrs back so things may have changed.

WHO KNOWS?
There may even be loans officers that can do more than read a computer screen.

Gee Cee

P.S. Thank goodness they had people and not just computers back in 1978!!
 
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New Lender IMB

Reply: 2.1.1
From: Geoff Whitfield


Do you still have that 1978 house?

How much would it be worth now (whether you have it or not)?

And an unrelated question.

I'm fuming because a relative offered a 3 BR townhouse in Wollongong (your stamping ground?) for $60K for an extremely quick settlement. Not sure of which part of the gong- but it sounded like a good deal to me. Or was it?
 
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Reply: 2.1.1.1
From: Gee Cee Clay


$60k nowdays would not buy you a third of a block of land.

I sold the 1978 home to my sister about 6 yrs ago for $110k. This was so I could buy a block of 5 townhouses at $400k.

(Fortunately townhouses have a large railway interchange going in about 600metres away. Electric trains just commissioned & new City Centre , Picture Theatres , Rester aunts & shopping centres about 1klm away. (Should get the $400k back if I sold them !!)

She has rented it since, done hardly any work to it and it would sell for around $ 250k as a bulldozer job.

Nice block of land 700sqm with lake views.
 
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