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I would suggest IO and putting the extra funds into the offset. You're currently at home but at a later stage be it 2 or 10 years you will likely eventually move out to purchase your own PPOR. It will allow you to have greater tax deductions in the future. Remember also it's always easier to get...

I like to have 6 months, in saying that last purchase left me with just over 1month :) but was a great buy IMO so didn't want to miss out by waiting.

I would go again only if it was a really good deal. You will only have $15k buffer afterwards, this is manageable... But the $500p/m after doesn't give you much room cash flow wise if you were to have any issues. And would mean you would be on the sidelines for a while rebuilding cash. Again...