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You're a good friend Wylie. She doesn't really have a long time to get on her feet financially, ultimately a mortgage broker will be able to giver her advice on serviceability but in terms of purchase have you considered her renting a cheapie and getting an IP instead? Or getting a 500k...

Yeah using an EPA to loan yourself money certainly doesn't seem right legally or morally but I don't have any specific knowledge that it's illegal. I suspect your friend isn't going to be able to buy. It's scary how many people there are out there on decent incomes with zero savings...