Ops, made a big mistake;
new purchase, 400K @ 80% LVR is 320K (not 360K).
So, yep, 85% on both looks good (Thanks Aaron).
2. 85% LVR = 56K (roughly about 4K LMI)
new purchase
400K @ 85% = 340K
Shortfall = 80K. Which means I may have to use some of my savings.