Hi
@Old Aussie,
My personal experience -- after switching to a low carb diet, my total cholesterol didn't change at all. It was approx. 5.5 mmol and has stayed there. What has changed is my HDL (often considered the good cholesterol), which has doubled, and my triglycerides, which have dropped by two-thirds (the HDL-trig ratio has often been interpreted to reflect insulin resistance -- the fundamental problem in most T2s.) The fact that overall total cholesterol hasn't changed has lead me to believe that genetic differences are an important determinant in overall cholesterol levels.
This link might be helpful in calculating your ratios:
https://www.hughcalc.org/chol-si.php
You might also want to consider the fact that significant weight loss (rather than eating more fat), which many of us have experienced when switching to low carb, might initially lead to higher overall cholesterol. However, your cholesterol levels should return to normal once you stop losing weight.