Preheat the oven to 175C (345F) Fan Forced and line 2 x 8 inch (20cm) cake tins with baking paper.
In a medium sized bowl, sift flour, baking powder, baking soda, salt and vanilla bean paste. Whisk to combine and set aside.
In a larger bowl, beat butter (with a hand held mixer or stand mixer with paddle attachment) until creamy. Gradually add sugar and continue beating until it is light in colour and fluffy in texture. With the mixer still on, slowly add the oil and continue beating until combined.
Add eggs and vanilla extract to the butter mixture and mix until just combined. Add half the flour mixture and fold about 5 times. Now add ½ of the buttermilk and fold again. Add the rest of the flour along with the remaining half of the buttermilk and gently fold until combined.
Divide the cake batter among the two cake tins (there should be roughly 630g in each tin) and bake for 20-25 minutes or until a skewer comes out clean (or with a few loose crumbs). Leave to cool in cake tins for 5 minutes before inverting on a cooling rack.
Once completely cool, level the cakes with a serrated knife. Place one cake on a cake board and using a off-set spatula, spread ½ cup buttercream on the cake, making sure the buttercream is flat and even. Place the other cake on top and apply a crumb coat of buttercream. Allow the crumb coat to set in the fridge for 10 minutes before applying the rest of the buttercream.