I was originally going to do this but I would have to wait till July 2013 before I could do it.

I just had a look at my ME Banks FAQ's for the FHSA and is says: "If you have never lived in the property you purchased as an investment, then you are eligible for a First Home Saver Account." I believe this is the same for the first home owners grant. So I guess as long as I don't live in the property, I should be able to do this without losing my FHSA into super.

I just feel this is a better option to get into property investment now rather then wait another few years for my FHSA to mature. So I could get an IP or two while I continue to put all my savings into my FHSA