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You do need the same lender for both if you are going to use you PPOR for security. The only way to use separate lender for the IP is to have access to a deposit + cost or via a LOC secured against your PPOR

Sure, but how do you get at that $300k? Options are: 1. Re-finance whole deal (what your MB is suggesting) 2. Go to your bank NAB and borrow purchase price + cost - using PPOR and IP as security 3. If you current PPOR mortgage/loan has a redraw facility - withdraw enough to cover...

Unless you have a deposit saved or can withdraw cash from your PPOR loan then and IP purchase will need to be secured off your PPOR.