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Easiest to speak to a broker to organise it for you!

RookieLearner - the best way to look at it is to treat each property as individuals. Do not lump them together as one big loan or as one big security value. Then you will understand how important it is to get separate loans and maximise equity on each one.

Sure that the applications are done at a similar time (due to the cash out / release of equity in LMI territory) but also ensuring that there are two applications submitted, not one.

You can ask CBA to increase the loan against the IP to fund the next purchase. Just make sure you keep the loans separate and don't cross collateralise.