What are my chances of getting finance???

Calling all finance gurus!

I have an interesting situation and would really appreciate some thoughts/comments from those who know their finance…

I am seriously considering investing in an IP in an area in Victoria that is very affordable and has very strong captial growth potential.  The purchase price will be $170-$190K.

Q: Am I likely to get a loan to purchase such a property in this price range?

Briefly:
I have 100% equity* in a 2BR unit in St Kilda, Melbourne that is (very conservatively) worth $340K but probably closer to $360K given recent results in the area.

After 10 years in the workforce, I have returned to University to study law, and I will return to work at the start of 2009 as an article clerk on ~$50K.  In the meantime, I do not work and my wife and I live (just) on her salary of $45K.  Short term pain for long term gain, huh?

*We do have a line of credit loan against the unit for $60K, of which $40K still available after we used $20K to clear some debts, etc.

Initial calculations put the IP at close to breakeven (I know, I know, it isn't CF+ but that's not really the point here) on an interest only loan and I believe it's a great opportunity.  Obviously, we don't seem to be in a position to service much (if any debt) but I'm trying not to give in to my initial reaction that 'it can't be done'.

I would welcome any comments, particularly regarding whether, given my equity – but lack of job – I would have any hope of getting finance.

If your opinion is that it's too risky anyway and I should just wait until I'm working again, please feel free to say so.

Apologies to all those who read this and think 'what a loser, he's dreaming', but the thought of sitting on the sidelines and not furthering my IP portfolio for another 2 years is very frustrating, so I want to make sure no stone is left unturned!!!

Thanks in advance,

Stanners