Hi Azze, Welcome to SS.
Im going to throw a different idea out to you, which im surprised noone has mentioned, and its because everyone is looking at this as a IP only point of view!!!.
Why not buy a property and move into it for the first 6 months.. or 12 months if required to by NSW in order to get your FHOG.
This will mean you will save quiet a bit of money in stamp duty. Put all your extra money into the offset account, and do not pay off the homeloan. After the FHOG period is up move back into your parents.
You then have 6 years before you need to move back into this property. You have already stated you are going to move into this property later down the track anyhow. If you move into the property first and get your FHOG, you also avoid paying capital gains tax if you decide to sell, as long as you move back into your property within in this 6 year period, or do not buy another principle place of residence (PPOR). Once you buy another PPOR then you have to pay CGT on the first property from that point of time onwards. You can however buy other IPs, but obviously CGT will apply to them.
**This is the part im not sure on so others can correct me. **If you buy a IP first, and then a PPOR i do not beleive you can get the FHOG on the PPOR as this is classifed your 2nd property. As FHOG is for First home purchased and if you purchased as a IP then you dont qualify.
** this advice here speak to a mortgage broker for their point of view**
the other thing to consider too is that paying off your credit card first then car loan debt early is possibly a good thing. Remember your paying the car loan at a much higher interest rate then what a home loan would be. If you nail it on the head you can also show that you can meet home loan repayments no issue and not have that debt affecting your servicability. However First thing i would do is speak to a mortgage broker and see what they think. Either way I would be looking at a very min of 20K saved to cover your deposit, lawyer, duties, and so on. More around 25k would be my thinking.
When i bought my properties i had no car loan and my CC i paid off monthly. I only use CC for necessitaries and to get a credit rating!.