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Advantedge are offering 2 year fixed at 4.99% and variable at 5.38% which will help that equation but I believe you need to add annual maintenance costs to the outgoings equation. Technically speaking you haven't included your deposit in those figures. By this I mean you have used your cash...

What about the remainder of the outgoings? Insurance, property agent's fee, maintenance, council rates and the other upfront costs, such as LMI (maybe), stamp duty, etc?

How are you coming to the conclusion that its neutral geared? I have done the numbers and although the yield is decent it is still definitely negative geared.

I think the days where you could get a property in Whalan at $230k are over but as Datto has said if you can get it at that price then you have done well (unless its a fire damaged house of course).