Just a quick word of advice as a fellow student. Despite the fact that my girlfriend and i are both PhD students making pretty good money via tax free scholarships, and we had saved very hard for the last few years, the banks gave us a hard time just because we had the title of "student".

We got them to be more specific about their reluctance to lend to us. They said it was actually the insurance companies that were edgy about lending to students. So if you can avoid Lenders Mortgage Insurance (LMI) by being able to pay your stamp duty etc and offer a 20% deposit, i would recommend it. Then go find a good mortgage broker or two who will do the leg work for you and find out which banks are comfortable lending to students. 
 
(Mind you, if you buy something positively geared with no money down and a bank will lend to you, go for it!! Just tell me where you found it )

Good luck and be persistent!