borrow at 8% for a 2% net return ? ouch, page-8

Some points to note:

Capital gains are not taxed if you dont sell

The $9000 income from the bank, BTW its more like 1% p.a unless stuck in a term deposit with no access to it for the term.

You will be taxed on the term deposit income every year which you havenet allowed for.

You havent accounted for any movement in the houses value.
If it moves up just 2%p.a (under inflation )thats another $8000 p.a....in year 2 the base is $408,000 with 2% increase is then $8160

Can't see where you have calculated the interest payments that can be claimed along with depreciation on the property along with the negative gearing aspect on such investments.