Refinancing an investment loan

I buy an investment property(IP1) today and borrow 80% LVR to purchase it, 6-8 months later(or maybe even 1-2 years later – time really does not have any bearing here) I decide to refinance the loan to 90% LVR – (with the same bank) – but use the extra 10% as deposit for a subsequent investment property(IP2). Refinance in this case as it is for 90% will incur a lender’s mortgage insurance cost. Does the ATO allow the LMI to be deducted as a borrowing expense(remember the LMI is against IP1)? I understand that the interest payments on the 10% extracted from the refinance will be tax deductible since it will be used for an investment, but not sure where the LMI fee will sit in this case? as it is a genuine expense of borrowing the additional 10% to fund an investment?