Yes you can. To start we need to ensure you can afford the future finance & get a valuation on your current property.
If you want to purchase an investment property or convert your current home into an investment property I would recommend you talk to a good accountant.
If you are considering converting your current home into a rental property ensure that it will attract good rental income.
You could also use any redraw you may on your current loan but it is a time to review your finances & ensure the loan product you have will do the job going forward.
If you need to consider the services of a good accountant , real estate agent or property agent please let me know.