Extra LMI
Recently we redrawn equity from 2 of our properties from RAMS. They charged us LMI too.
In your case.............
H&L package $495K, Loan Apprx $445K at 90%
With Extra $40K loan, total loan will be Apprx $485K. That is apprx 82.5% of valuation.
Heigher than 80%, so they charged...