In your current position as I've read above, you would be stupid not to buy as soon as possible. By the time you find a house and sign your mortgage documents, the rates would have dropped, thus giving you a nice fixed rate for at least 5 years. A good mortgage broker will give you a report outlining your current monthly income vs spendature (which is always over estimated) and then plug in a mortgage repayment of at least double the current interest rate. If at the end of that report there's no money left down the bottom, then you're probably not in a position to repay a mortgage. But it looks like you are. At the moment if you buy an established home you'll receive a massive first home owners grant, which is the best reason to buy right now. With your $14,000 plus the grant you'll have enough to qualify for a 90 to 95% loan, however you'll still need to pay Lenders Mortgage Insurance, but they'll whack this cost on top for you. The only thing I can suggest is to possibly buy your home in either your name only or your missus name only. This way, when you go to buy your second home, one of you is still eligable for the grant the next time. You pay enough tax, why not screw them for some extra money? Being that you're a defacto, you can just sign a legal document saying that if you split up you'll halve any capital gain. If you need any help buying something, Dillz and I are in the selling game so we'll know what to look out for. Feel free to PM us if you need any help. Oh, and if you fall in love with a house, make sure you shell out and get a building inspection and pest inspection before you buy it too, it can be the best investment of all. Get out there and start looking!