unless your deposit is very limited there is no way your repayments will be 800 per week. if a place is being rented for 400 per week the actual value will be close to that - 400K
If the OP mentioned the city, I missed it. If he is in SYD, MLB then the "price" of a home being rented for $400 could be $700k +.
I would look carefully at any house/land package and ponder for who's benefit the $10k grant was designed. Like the devaluation of a new car as you drive it out off the lot, new houses lose when you get given the keys too.
But good luck, I know it isn't easy. Patience may be rewarded though. If you do decide to wait, save like hell. :)
