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I am really conservative....I have interest rate cover from both an equity perspective as well as positive cash flow currently running at $900pw. I suspect in another 2 years....I will be paying a rate of around 7%...at that point I will be paying at least another 15K in interest per annum...

I would be very careful here...if you get into trouble there will be very little room to move. At every stage of the property game....remember that the first rule is to preserve what you have now. We are at the low point of the interest rate cycle...so look also at whether you can cope...