Loan eligability

Hi all,

A bit has changed with my investing situation over the last week or so.  I had settlement on my first IP a couple of weeks ago and I am in the process of getting tennants in.  The tennants have already been lined up, they are just preparing a contract as the house is going to be used as offices.  The basic details of the contract is its a 1 year contract with two 6 month options after that with a weekly rent of $450.  The average rent in the area is around $350 which i believe I shouldn't have a problem getting once this deal has expired (whether it be in 12 or 24 months time).  Speaking to family, they are saying that the house is worth anywhere between $400-500k (depending on who you listen to  and I know the bank value is the one that matters, just havent gotten around to getting it evaluated just yet), but to be honest I would be happy with $400k.  My purchase price of the house was $325k (at mates rates prices from th builder) in total.

By the end of the year I hope to have the mortgage down to $250k (its at $270k at the moment).  Using somewhat conservative figres, if the house is only worth $360k and I have a mortgage of $260k that leaves me with $100k of equity, of which I would probably only be given access to $80k.

At the moment, the loan is not in my name, but it is tangled up with my parents property as I was unable to source a loan orginally.  However, my parents are now wanting to buy themselves another IP and need the equity that I have swallowed up.  As such, I am in the process of trying to get a loan in my own name.  I have requested the broker to source an IO loan with an offset account, but in reality, I am willing to get whatever loan that I can.

Given all the information above, how likely am I to get financing for my second IP purchase?  I know that normally this is a straight forward thing, but the whole reason why I am hhaving such a hard time getting finance is because I am a uni student and will be on a wage of $300 (minimum but potentially $700 on the weeks I can pick up more shifts) while working part time at Coles.

Any guidance as to how I should approach getting my next loan or any steps I can take now (other than save up and pay off any debts (not that i have any other than my house) or bills on time) to improve my ability to purchase my next IP (hoping to have number two by the middle of next year).

Matt.