So I'm buying OTP at the moment in NSW for $500k and it'll be completed next year. hypothetically speaking, property price goes up and when I apply for loan, the bank valuation comes at $600k. My understanding is if my loan requires LMI, I need to have 5% genuine savings. Is that 5% of purchase price $500k OR bank valuation $600k? Does my 10% deposit on $500k count as genuine savings?