Investment home loan but still renting.....???

Does someone know if it is possible to buy a unit (for investment not to live in) but I will continue renting for my own?Eg: I am approved for a higher home loan for my first home, but I just don't want the high repayments.Can I just borrow half of that money, and buy a unit to let it out?Or is it impossible while I am renting on my own?
Thanks

Yes, you are able to do that but there are different requirements for purchasing an investment property versus purchasing your primary residence. There is a 99% chance that you will have to have at least 10% down minimum and the interest rate will be significantly higher as will the PMI and home owners insurance.
Your best option right now is to go back to the bank that initially pre-approved you and give you all of the details on their investment property programs. Get a new Good Faith Estimate and Truth in Lending and use them to consider whether or not an investment property is indeed the right choice for you.

You can borrow money to buy an investment property, but when you do you interest and insurance rates will be a little higher since it isn't owner occupied. When you buy something for yourself you will have better deal.

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