Loan question(s)

I will be applying for two LOC's this afternoon.

One will be small (20kish) for personal use if needed while rates are low and I have money in the bank, therefore I believe the lender will look favourably upon me as a good risk candidate, because we all know banks rarely lend when we 'need' the funds. I don't 'need' them right now but in saying that, those funds will be almost depleted after I pay my contractors for renovations within the next few weeks and I don't know if the bank will be willing to lend to me then. In other words I'm playing the game because thats all investing really is, a game.

One LOC will be a tax deductible loan for as much as they will give me that I may use to capitalise interest in the years ahead, or purchase another property, or, both.

My question is this.
I don't want to pay mortgage insurance, so if I tell the lender, am I able to get the refinance done very cheaply or even free of charge for not going above 80%?

I don't want the funds if I can't get them very cheap or entirely free.

Thank you.

ask the lender whatever you like in regard of fees etc, certainly the LMI thing, if you only take the loan to 80 % then no lmi is payable usually

Like with all things, without a better idea of what values are, if you have previously paid LMI etc its hard to comment

Seems like you dont really have a perceived need for the funds now, or in the immediate future, so why hit your credit file ?

Well thats a good point Rolf.

Maybe I should think about not going in today,

The only real reason I want it freed up is in case of an emergency, which I can't see happening at all, let alone the next few years, unless rates REALLY get out of hand that is. I guess I just want to be safe.

Nicely said, cheers! :)
On the other hand

The realist in me says if you were my client I would encourage you to borrow the cash capacity while you dont need it.

Its just for me the sign of concern of the fees vs the capacity to have access to the money is higher, so that would define that your personal perceived need is very low.

The next step would be is I would try and flush out what defines an "emergency" in your perception, and what very high rates might be ?