After you talk to your accountant, speak to a reputable mortgage broker to see what options are available, and if you can afford both loans. You may find that you have to sell your existing property in order to buy the new one or, with rental income from the existing property, you can afford both. To find a reputable broker in your area, visit the Mortgage & Finance Association of Australia's website, www.mfaa.com.au
Related: Home Loan Calculator