LVR LMI Question - Equity top-up

Let's say I buy property X at $500k at 85% LVR. In 12 months time it is now worth $550k.



Can I extract the extra equity without incurring extra LMI (assuming I keep the LVR at or below the original 85%)?



If I decide to take the LVR up to 90%, do I cop a full LMI charge again, or the difference between the original LMI fee that I paid and what is owed on a 90% lend?

LVR LMI Question - Equity top-up