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So you have roughly $42,700 take home income (after tax, medicare), $820 per week. 5.8% interest rate (5 year fix), $420 per week interest for a $375k loan (presuming $450k purchase + LMI/costs - $50k deposit - grants), that's over half your take home pay on interest alone before taking into...

You could consider a First Home Savers Account if you don't already have one. They are a somewhat restrictive, but they offer government contributions (17% on first $6000 deposited each year) and reduced tax rate on interest earned. You have to save at least $1,000 each (financial) year over 4...