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After some conclusion - it's way too much work for hubby and I. Reselling this IP might not be that easy as it's 2 houses on 1 block, either. http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007600632 Probably should look for a more "standard" IP considering this is our 1st one...

thanks Rolf for explaining it so clearly. Will get our broker onto it :) ok180, the property is in Sydney, will post more about it if the deal goes ahead!

Hmmmmmmm, our PPOR loan is IO and the 20% cash deposit is sitting in the offset attached to the PPOR loan. So it is in cash right now. You're saying not to use it as a deposit on the IP loan? I guess this is because once it's committed as a deposit, it's locked away.

We have spotted a pretty decent IP, should be able to buy for around $750k, being rented out at $900 per week. That's pretty rare, isn't it? I believe normally a $750k property can only be rented out around $650 pw. This would be our 1st IP. We have 20% deposit for this IP, plus a buffer...