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A good broker is a must and can talk throughs the particulars of loan terms but normally a loan will be 25 -30 yrs term, and 5 yrs fixed meaning at 5 yrs and 1 day it reverts to the variable rate prevailing at the time.

500k is quite a lot of equity to get started, as you said you have to watch your cashflow like a hawk with your next few purchases. With little cashflow it will take years to pay off the 200k remaining and the opportunity cost of not being invested could be quite costly. It's low risk to...