Yes – if you’re using the equity in your existing home as security to purchase an investment property, you’ll be taking out a separate mortgage for your second property.  As such, you’re at liberty to choose whichever type of loan is most appropriate for your personal financial circumstances.  You can have a variable rate for your home loan and a fixed rate loan for your investment property loan, or you can split your investment property loan into two and have one portion on a variable rate, and another on a fixed interest rate.