Hi
I wouldn't be too excited at the banks current rates. They can increase them over time, not to mention interest rates may also increase in 2 years time. You should stress-test the rate at least 3% to see if you're still comfortable with the repayments!!
If you become unemployed your dole will just about cover your repayments & will not leave enough for beans on toast. If you are single or in a family with only one income and have a mortgage this size I recommend some sort of payment protection in case you lose your job, and PHI if your employer doesn't provide it. Having said that.. be careful about what the bank tries to sell you when you take out your mortgage.