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Or swap banks ;)

Not sure on QLD FHOG rules but if for VIC (unless rules have changed). You need to live at the property within the first 1 or 2 years of settlement for a continuous period of 6 months straight. If is a similar rule I would get the FHOG and live with mum for 6 months as IO then move out...

If you have the ability to not spend money you have access to IO as you can draw against the offset when you are looking at buying another property of if an emergency comes up e.g. major car repair you can withdraw and use the money knowing that it will just go against your home loan. P+I if...