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No, don't sell, (in my opinion), if you move back into Port Melbourne and live there. You can keep the property and refinance chunks of equity out in cash, to be used as deposits on IPs. There are a number of mortgage brokers that post on the forum here.

Hi Chris. Congratulaions on what you've achieved so far. You have done well, but you have not structured things correctly from a taxation point of view. You have not provided enough info to give advice (i.e. income, tax etc), but my advice to you would be to sit down with a good mortage broker...