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I certainly do know investors who buy along Central Coast - nowhere near to the same volumes as the capital cities, but they still exist. :)

Definitely possible to get started on your investment portfolio buying in those areas with the equity you have available, if you utilise LMI effectively you would be able to squeeze 2-4 purchases. There appears to be a lot of re-surging interest coming into Newcastle as of late, which may be a...

That shouldn't be an issue based on those figures. Based on a 630k valuation you could remove the guarantee as well as access circa $76,000 in equity, bringing the LVR up to 80% LVR. If you entered into LMI territory you could make available equity funds of $139,000.

Existing loan balance and estimate of property value? If you have a LVR sub 90% you can remove the guarantor through a simple refinance + pay LMI. If you're at a situation where the property is at 80%, you can then setup an increase to draw the total LVR up to 90% again - which may provide...

Ah, this is further digging the hole then. Best practice to remove the guarantor and see what's possible from there. Do you know what LVR you will have with the guarantee removed?

You don't have to. Some people prefer to get their guarantor off ASAP however, using the cash they would otherwise use as a deposit, to pay down the LVR and release the guarantor security.