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http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104219350&f=20&p=10&t=res&ty=&fmt=&header=&c=34969145&s=vic&snf=rbs&tm=1189664172 It's pretty close to the city and for 550k maybe is a good value. But if you are gearing 100%, you will be out of pocket a lot if you can only get $300-350...

I don't anything about Melbourne but the property is only 5km from the CBD. I wonder how much the renatl will be?