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We had a loan on our PPOR which was less than 80%. We extended this loan to 90% with the specific purpose of funding the deposit for our IP and so incurred around $18,600 of LMI costs (and as both mortgages are with Bankwest, the LMI was incurred on the very same day as the settlement of our IP...

We recently bought a block of land near Sydney, on which are going to build a project home once the DA is in place. We will obviously be paying a lot of interest on the loan from now until when the house is completed. I understand that it is possible to tax deduct the interest on the loan if...