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Correct. Casual employment is not the best employment status when it comes to LMI lending but some lenders do this well (namely CBA).

Consider a high LVR which in turn allows you to contribute a lower deposit. This means you have more funds for any subsequent purchases. Yes you are paying (capitalising) the LMI but thats ok if you step back and look at the bigger picture. Plus LMI tax deductible for the first five years...