28/10/2026
The second investment property runs on different rules to the first, and assuming otherwise is where a lot of portfolios stall.
Three things shift. The deposit stops coming from savings and starts coming from released equity, which means the timing of the purchase is set by a valuation rather than a savings balance.
The serviceability test also tightens. The existing loan now counts against the borrower, while only a portion of the rental income counts in their favour. An asset that looks affordable in isolation can fail once the first property is on the file.
And for the first time, correlation matters. Two properties exposed to the same local economy will move together, which means one slow cycle stalls the entire portfolio rather than half of it.
Property one is about what you can afford. Property two is about what you can still do afterwards.