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You are referring to the Westpac policy whereby you can go 97% for owner occupied. If you want to go 97% for investments then you need to have 10% equity in existing property.

Actually this is the opposite - its better to have existing debt with Westpac provided that its IO. Westpac will not load the mortgage expenses at a higher rate. They also have a decent servicing calculator. Sounds like you want to grow your portfolio quickly so going LMI is a no...