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Reading this again I think you will be fine because as you have the existing loan already in place which you wont be touching they will add the LMI to the new split. That should make it a pretty clean paper trail. I was referring to a case where you would be redoing the existing loan at the...

Usually they apportion it across both loans. I have on occasion in the past completed a rewrite of the existing loan at a slightly lower amount so that with LMI apportioned and added it ends up at the same rough amount as it was previously. That way in my mind at least the LMI has been applied...