Loan Required for 2nd IP

Hi all,

My 6 months is up today and looking for IP #2. I need your help on financing tips.

Basically, I purchased a property 6 months ago and have since lived in the property to qualify for FHOG.

Since my 6 months is up today, I have been able to get a private tenant with rent being $230 per week.

Furthermore I have a bit of equity built up in this property as the loan balance is $119,000 whereas the valuation should be circa $150,000 (based on price of units that have sold in same block- not formal valuation).

My loan is currently with CBA, on the 3 year special economizer and I plan to either top-up (no fees charged other than extra LMI) or get a Line of Credit ($600 fees). If the valuation comes in at $150,000, I should be able to extract $23,500 of equity built up ($150,000*0.95 – $119,000) to use for Stamp Duty, deposit and solicitors costs for my future IP.

My current income is $30,000 annually and I have had some success in the sharemarket this year, so far having capital gains of $8,000 (I assume I cannot use this as income) and Dividend income of $2,000 (From CFD’s)

Other Assets that I have is $6,000 in shares and another $11,500 in my CFD (shares on drugs) account.

I have just browsed at a few properties online and basically have two options. Buying houses in areas such as Frankston North for around $250,000 with subdivision potential and rent being around $250 pw or purchasing units in high yield suburbs like Auburn where a $250,000 2 bed unit can rent around $350 pw.

Another property I was looking at was a block with 4 finger lot titles, in which 4 duplexes could be built. Since I do not have a high income, I cannot go at this alone, and I have had a look at this with three friends (who are First Home buyers and earn twice as much as I do).
Would there be anyway to purchase this property so that each of their names including mine are on each title instead of the whole block itself, so that they are all eligible for FHOG when the duplexes are built. What would be the best financing option to do this?

Anyway, from the above, what are my best options and since I do not have a large amount of equity was looking at a 95% LVR loan. Furthermore, I also hope to fix sometime in the near future, so anything with minimal switching fees would be great.

Any advice will be very appreciated.