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My thinking was along the lines of with actual cash (not equity) it's not so much that it will allow you to borrow more, it's more that you are able to borrow less for the same property. A property @ 70% LVR bringing in 'x' might be within your capacity with a certain bank where the same...

It depends, but if your deposit is big enough, it will allow greater cashflow which will enhance serviceability. If you're using small cash deposits and using big LMI, not so much.