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Old house price = $300K New val = $300K + 6% x $300K = $318K Loan = $282K Equity = $318K - $282K = $36K Available equity on a 90% LVR refinance $318K * 90% - $282K = $4.2K = not worth doing aside from LMI you need to pay Patience grasshopper ........need some more time for CG to work...