Thanks to everyone for your time & comments.

This was my gut feeling after leaving the offices.
Yes Trakka, building on the vacant land & renting this out is first & foremost on the agenda.
We will continue with the loc to finance the build.At least then our shortfall won't be as bad as the Nth Qld venture.
 
Keo,at least you have friends & living experience in the area.We did as much internet research as we could and from what you've explained ours was to be structured the same way.We will pursue a safer option until we're abit more experienced.
You seem to be confused with the CP+ "vs" neg. gearing like us.That's another reason for us not to sign up.According to the F.A. we could survive the IP repayments for 5 yrs from the loc surplus,but we are now thinking after 5yrs of massive shortfalls "how much will we still owe?" none of this really made sense.This may suit you if your on a good income,but I'm the only one bringing home any coin so it's probly a bit dangerous for us.

If anyone knows of a GOOD Financial Advisor in Perth any info would be greatly appreciated.
 
Many thanks again to EVERYONE it's very reassuring to know what NOT to do from others with lots of experience.

Cheers Andrew