LMI vs no LMI

Looking at buying soon, savings has us pretty close to 5% deposit. Combined we earn around $230k so unfortunately don't qualify for the no LMI scheme.

One income is 195k and the other 35k. So not sure there's a way to salary sacrifice enough of it into super (then we can use it for FHSSS) to reduce the taxable income under $200k.

Thoughts on the pros and cons of just paying the LMI vs finding ways to avoid it? We would be quite a few years away from getting to 20%.

Also does the LMI get paid up front (and therefore reduce the deposit amount we have) or rolled into the loan?