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Yes your A/c is correct. Loan costs, LMI are deductible over 5 years or the Term of the loan whichever is lesser and proportioned in Year 1.

Some many questions so little space to answer them on. When you say you own the property i assume you mean you have no mortgage secured against it. Regretfully the interest on your new PPOR will not be deductible so many considerations. Might want to consider selling your current PPOR...