You mention in one of your replys that 'you are so far from being a risk'…  aside from APRA rules which govern the banks if you can't put together a deposit towards a property then you have nothing to lose.  I know if I was a bank or lending someone money I'd want to ensure they had something in the deal as well.  By being able to put together 20% of your own money you also demonstrate to yourself that you are able to manage money – which is what you need to do to manage a mortgage.  I started investing in property when I was 19 and on a low income.  This was before first home owner grants and relative to my income property was less affordable then that it is in today's market.  I bought a modest property in a good area and saved up my first 20% by working extra jobs, walking where I could rather than taking the car or transport and strict budgeting.  That obviously involved some sacrifices that none of my friends at the time were willing to make and now complain that they are struggling to pay for one property while I've built a small portfolio.  If you want someone else / the bank to back you then you need to back yourself.  Might sound boring and might mean giving up Friday night drinks and pizza but if you are serious about wanting something bad enough you'll do what it takes. 

My other recommendation is not to start on the ladder with your dream property – buy what you can afford with your 20%.  I've bought a number of properties in regional areas that have provided sound growth and cashflow over the years each time I had built up 20% in either savings or equity I would buy another (however I'm not solely a regional diehard – the inner suburbs of our capitals are great once you have 20% to go towards them).

The exciting bit is that once you have done some initial hard yards things do start to roll. 

Consider also the 20% your buffer in the market – what's the point of investing if you don't have equity.

All the best