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If you get a broker to run your numbers for you then you'll know where you stand when it comes to affordability.

Ok make sure you get through this IO switch first. ANZ tend to reassess even the simplest of loan changes.

No that's not true actually. With a P&I loan you are repaying the principal and this principal is NOT redrawable unless you make repayments over and above the minimum amount. So it does not create more equity for investing.

Who is the current lender? Why are you paying P&I? It may be doable but your main issue is you will need LMI which always makes deals a bit tougher.