Wow…. Thank you all so much for your time and advice….I have read and re-read all your comments and will make sure I cover all the recommendations you suggested…..what a fantastic forum !!!

Points to make to fill in the gaps…..

You are right…… wallyt99

Whether you can afford it or not is a decision you should have made before signing on the dotted line.

 I agree  everyone should look into affordability before they enter into property……of which I am glad to say I did my numbers so often I was dreaming them……we could and still can afford the property with money to spare…..I just wish I had a crystal ball to see into the property future ( my first time nerves are getting to me a little especially since its my and my sisters money I have taken responsibility of)……..as you also mentioned

In 10 years time your property will still be worth significantly more than it is now.  But you might lose out in the next 3 years.

and from CHIS

There is lots of negativity around property at the moment
Most of the richest people in the world made it in property. Property is always a good investment (always a few exceptions of course)
Property should be viewed as a long term investment. 

If you are happy to sit on it for 5-10 years it should be a good investment.

Has given me confidence….

My sisters and I bought this first property to hold for a minimum of 7 years, possibly for ever… to use as collateral for other property purchases….. so your advice is affirming that my long term approach is a good one….

If interest rates go up, and we have no rent for 6 months and we all loose our jobs then we will be feeling sorry for ourselves indeed……. I am sure there will also be many others feeling the same………I thought about all your advice……..to sell now and learn my lesson….to hold  and wear the possible 10% devaluation in the near future until prices once again rise……..I didn't budget for no rental incoming (my silly if not costly mistake) but after some series thought and numbers calculations I believe I can afford to wear the costs should the sky fall ……….. I run my own profitable companies, so if time becomes tough for my sisters I could cover them and myself for a lengthy period of time….

Cannovale is an expanding suburb so think you will be suprised how easy the property is to rent.

Remember in addition to the interest / rent shortfall you will be able to claim you will also be able to claim Depreciation and Building Write off on the property as well as all the loan, mortgage insurance and mortgage costs generally. Depending on your individual incomes you maybe very suprised how little the property actually ends up costing you. Qlds007

Thank you Richard for your warm welcome, your advice is fantastic I will get my accountant onto it all ASAP

This is a first purchase for my sisters but I own my own home (with husband) and have collateral to use via that also……..

This property is my first little attempt at making a go of a dream to get into seriously building a portfolio throughout Australia, so I guess your right  wallyt99I am IN NOW…. whatever the future holds…….  I'll just make sure to keep up to date with more research and more communication via this fantastic forum……Thank you all again so much…..times are possibly going to be tricky but I feel better for all your solid and professional advice…….I am now once again confident this is going to be a successful beginning to a long term education in property investment.
Warm regards
Dr Sarah Chamberlain