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Mick my information for the 10% equity component was straight from my BDM yesterday. It's possible it was for their non-genuine savings product.

That is correct, if you have 10% equity in another property. If the LVR is your only concern, you'll get a better deal with Westpac.

The 88% comes from the fact that quite a few lenders put you into a different price and assessment category if you capitalise LMI above 90%. For example, with the CBA you can borrow 90% and capitalise the LMI above that (to roughly 92.3%) with no adverse affects. With the NAB and many...

The restrictions on 95% investment lends are so tight and the extra costs of the LMI are so high, you're far better off to save a little extra to qualify for a 90% lend. In many cases, we're talking about 1% - 2% of the purchase price.