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3 year fixed rates were lowest in Apr 09, at around 4.99% or 5.19% I believe. (Ignoring WBC's once off special offer of 4.99% in December 08)

I was about to say this too... especially considering that your 2 properties are already in Perth. Better to diversify a little perhaps? (I'm going to follow my own advice for IP#3 as all properties (inc. PPOR) are currently in NSW)