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I agree. Besides the LMI just gets tacked onto the loan, so it's not like it's coming out of your wallet.

True, if the cash just sat in an offset, then rate rises would have little impact on the extra borrowing. Once it goes to into another deal, that's another story altogether. In my case, the re-fi is primarily about financing another deal and using some of that money as a buffer.

I have a similar dilema. Overall LVR < 70% Refinancing 2 out of 7 properties and have the option of doing the re-fi of those 2 at 90% which will give me a lot of extra cash in the bank (compared to an 80% lemd), some of which can be put aside to cover rate rises, to fund anther purchase...