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I wouldn't use cash. First thing to do is to make sure you have the ability to settle on the off the plan property. You don't want to risk this as you are locked in. I would then be inclined to use LMI as your equity is not so high.

2 schools of thought 1.. Borrow as much as you can early on and keep as much cash/LOC as you can for further properties. If they are growing then getting more quicker will aid the compounding effect. LMI is deductible over 5 years, generally. If it is capitalised you are not paying for it...