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It may be worth getting a new val done on your existing property as you've done some renovations and the hope would be that there's been an increase in equity that you can then draw upon to use as a deposit for your second purchase. If second loan is for IP then, yes, IO would be the best way to go.

No worries :) Re locale is a very 'how long is a piece of string' question. Different markets will suit different strategies. Best to define what your strategy is then find a market to fit that. Cairns is in recovery at the moment and there are some good buys out there that have the CG...

I would avoid Melton if you can - I don't see much growth happening there for the foreseeable future. Too much land between Caroline Springs and Melton to be filled in. Better investments out there if you ask me. Any reason you've also narrowed down a unit in Cairns? You might be able to...