Perthguy - If we buy 2 properties, which is my plan (not Bob's, but he'll come around :)) We will owe the bank or banks $300K on PPoR, and $800-$900K on 2 IPs.
I think we are being conservative!
I now understand LVR, we're at 80%, we could go to 90 or 95% - I actually understand that now...