The issue here also, is that the agent didn't mention that there would be any cost to the quotes, it was to my surprise when receiving my statements. I'm happy to pay for the work, that goes without saying, but charging on top just to do a quote is unacceptable. It is their duty to provide the best quote to give them the best chance they get the work.

I have been doing some digging around on this the past few weeks as i feel that i may have missed out on a refund and how i can apply for this in the future.

http://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-refund/

I found the above article and shows that my bank (ANZ) does not offer any refund on LMI. Each LMI providor and bank have their own individual policies on this.

I would recommend reading the full article and seeing if you are eligible for a refund when you refinance and if you have to pay LMI again.

So essentially if i do not do a complete refinance, i will only have to pay the top up LMI not a complete new premium?

As mentioned, i paid the LMI for an 85% loan, if i was to up this to 90% in 12-18 months time (assuming growth also), i would only have to pay the difference between the 85% LMI premium today and the 90% LMI premium in the future?

From what i understand the developer is using their own sales staff, not an external agency. Therefore there should not be large fixed commissions, i believe???

Therefore i can initially estimate the depreciation (after careful calculations) and adjust either throughout the year after receiving the QS report or upon the next financial year?

That’s ok, it does make sense that to be able to claim the interest as a deduction any funds drawn / refinance etc need to be spent on investment and not personal purposes.
Therefore if I wish to pay off my PPOR, I simply forfeit the ability to claim the additional interest as a deduction.

Interesting fact, i never considered that actual value of the LMI, only the LVR and just assumed the higher the LVR% the higher the cost.

I have received confirmation from my first lender / current broker, he has said:

‘We use your property and the new property as security which means the Loans are taking into account the combined value of both properties therefore using the equity you have in your existing home. For simplicity we don’t need to draw down onyour existing home to 80% and use it as a deposit then borrow against the other. We just leave yours as is and borrow 100% plus costs at Interest Only against the other and have it all interest only and you will then have just 2 loans”.

This certainly makes sense in keeping things simple and not drawing on my PPOR loan back up to 80%

My only concern here is using PPOR as security. How long will this be held as security against the IP loan?

So essentially what i am wanting to do is reduce as much of my PPOR P/I loan but reallocate the available equity to an investment loan.

Therefore over time i consistently use my PPOR for equity and redraw and keep topping up the investment loan for a deposit on the next property??? But in reality, that investment / equity loan still uses my PPOR as security? Or, am i best off using any equitity in the IP to use as a deposit for the next property and create another equity loan against that property?

Sorry if these questions may seem repetitive, but i just need to get it in my head before i commit to one product or the other.