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Thanks for all the replies, I posted on here as it was a Sunday and therefore I couldn't reach the people I'd normally ask. We will track down an answer from our friendly accountant but I have a feeling the answer will be, yes as long as it's all 'clean' as stated. The property we are...

Ok i guess it does sound a little strange but we were hoping to keep our options open at this stage in regard to which lender we go with for the IP. And we didn't want to be cross-collaterising (spelling?) our loans. By doing it this way we know exactly how much $ we have to put into the IP...

I've done some searches and can't seem to find my exact answer on this one... If we extend our PPOR loan to 90% to access some equity (so paying LMI for the privledge) to have in an account ready to use to purchase an IP, is the LMI tax deductable over 5 years as a borrowing cost? The money...