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Borrowing power is a very crude way to calculate things. Like Peter said it depends on your situation. Maybe your broker has run the numbers through a conservative lender without negative gearing or other information?

Well you haven't given enough information to work that out.... In any case, the reason for the discrepancy is probably due to a) an error in the input and b) if you buy an investment property you have to pay rent somewhere so that adds to your expenses.