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Yep, the issue here is not cashflow. We needed that 21k and that LMI was added to the loan. (I reckon there is no stamp duty on the mortgage in WA) So we paid 2.65k for 23.65k funds. Had we taken a personal loan at 16%, we will pay 10% more than mortgage rate and the LMI amount will be paid to...

Well, we recently accessed 21,000 additional loan for LMI of around 2,650. That 2,650 is added to the loan. If we hadn't used that 21,000, we wouldn't have bought that property. I don't think 2,650 is a big cost for 21,000 additional funds. We made sure that we are not paying lots of LMI. 88%...

We used to go for 80% LVR. But now aiming 88%. This is the reason.