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pravvy, I think your idea is sound. I agree with the OPs that the yield would be terrible, but you're not buying for yield, are you? If one of you is on a high tax rate it would be far & away a better proposition to buy an IP in NB now in the high earners name. You'll have big repayments, but...

^I agree with this. The Point Cook house itself will just depreciate; certainly not something that I would do. However, I would consider building a much cheaper house there to on-sell if the figures stack up. IMO the gap between Point Cook & Glen Waverley or whatever will get bigger rather than...