I'm calling BS on this. I lived in Melbourne for the past 5 years (left 8 month ago) and never saw any 2br apartment that would be that cheap with a standard P+

I'm calling BS on this. I lived in Melbourne for the past 5 years (left 8 month ago) and never saw any 2br apartment that would be that cheap with a standard P+I loan with 10% down. I guess it's possible if you took out an interest-only loan for only a fraction of the purchase price, but then you've painted a highly misleading picture.