I'm looking for advice on purchasing an investment property to rent out. My wife and I currently have a mortgage of 194k on the house we currently live in valued at 320k. Wifes gross salary is 48k p/a and mine is 75k p/a. We are interested in purchasing a new build property in the same locality for 300k that we could rent out for 1,600 per month. Can anyone advise if we can we re-structure our existing mortgage to allow us to purchase the new property or do we require to have a certain amount of savings? Also, how is the income from the rental property taxed?