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You would claim the LMI in the year you exit the loan. Then the new LMI over 5 years again.

If LMI is say $10,000 you could claim $2000 per year. This would reduce your taxable income - including rent and other deductions. Your calculations are not correct because you haven't taken into account rental income.

LMI may be claimable over 5 years or the life of the loan if shorter.