Hi there, My partner and I are in our mid 30's with 1 child and hopefully another in the next year. We are on combined incomes of about 230-240K before tax. We purchased our PPOR early 2015 in Sydney in an area we love and that should hopefully see some growth eventually. (Crazy! but we actually found Somersoft and PC and all the wisdom that comes with it just after we settled:|) However we would like to make the best of what has probably not been the smartest decision so far. As far as strategy goes, we still need to work out our long term goals, but we're looking at passive income... lower entry point (hence cheaper properties), cash flow (neutral to positive geared properties) more than CG only. Happy with long term holds etc. Some of our questions are 1. How soon is too soon to buy an IP? 2. How soon can we refinance/should we refinance? From what I've read after the APRA changes, it gets harder to meet serviceability when the number of dependents increase (Hence why we would like to buy an IP before baby #2 hopefully in late 2017) 3. Buying in both or joint names? 4. Who is the best person to see to work out what we need to do/money we need to have/ etc to allow us to buy our 1st IP? I want to ideally get our finances in order to allow us to save up if that is the way to go to meet costs for an IP. I understand using equity, however what if we don't have enough yet - given we just purchased? Would a broker be the best person? We don't really want to use the broker we went through for our PPOR. Want someone more IP oriented. 5. We are currently on a P+I setup. If we do require funds to purchase an IP, can we drop our variable component to Interest only to allow us to save up quicker? (I would prefer not using any cash to enter the IP market. However, trying to work out lost opportunity costs v/s using equity while we wait to have enough equity). Happy to hear your thoughts and advice on this! Thank you!