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If you get into financial diffiucltry ANZ will know... If you had them spread out you could keep paying 1 bank while defaulting on the others and this may give you some breathing space to enable ou to sell that 1 property with less pressure.

Generally you can only refinance up to 90% LVR

If the properties will grow faster than inflation then it is generally better to get more quickr so that you have a larger asset base gorwing. LMI costs a lot of money but in the long run it will pale into insignificance if the properties keep growing. It is also generally deductible over 5 years.