Yeah avoid mortgage insurance and yes 20% deposit is a good start, keep in mind you will have stamp duty to pay as a first home buyer you could get a deduction and of course first home owners grant.
I do question what is your intention and expectation, if you are looking for a nice home to live in and not to bothered with capital gains then building new would more likely suit. In new development areas it that some time before the area is fully built up and you see any capital growth.
The other end of option is the old buy the worst house in a good location, more likely you would be paying for land value and are more likely to see capital growth sooner.
If you are single, renting a one or two rooms out is a great way to get ahead on the mortgage, cash of course
Doing it now while you are young is the way to go, most young people are wasting their money on cars drugs and piss and buy the time they wake up property has become so much more expensive
