Hi Matt,

as stated below, LMI is usually paid upfront for the whole loan term.

so revaluation of your property will not impact LMI, most likely that you won't get any refund for your LMI.

However if your loan/property value is 75% after valuation, there is lender who is willing to give you lower interest rate because of lower LVR

so do your residex report /research and if you think your LVR is 75% or lower, find lender who will give better rate for lower LVR

No need to pay LMI again as LVR is 75% or lower

mattnz wrote:

Thanks Richard, Loved the rate cut today, was loaded up short AUD and came out a big winner

Matt, I am short AUD too

and still short now, I think should take part profit around 0.94 level

Agreed with Michael, above 500K you can get 1%. Bigger loan=bigger discount but sometimes you have to ask for more discount

also there are banks which give more discount as LVR goes down, 75% or lower.

Annual fee for offset acc (professional package) usually $350-$400,
but there are 1-2 banks which only charge $120 or $200 for this type of loan per year.

Best if you set the investment loan separately.
This can be done even if security is only 1, your PPOR.

it will be much easier to do your tax return too.

the drawback of multiple loan account is there could be multiple annual fee for offset acc.
I know a bank which only charge low annual fee for loan account with offset.
email me to find out more

Hello,

In short no you can't redistribute debt.

that is why it's best to use offset account from the start to avoid this happening, because you can redistribute saving from offset account from deductible to non deductible offset account debt.

In saying this , I heard there are accountants out there who would "redistribute" the debt, but just up to the purchase price only
This is not legally correct. ATO might not caught this if you're small but definitely will catch if you're a big player.