Buying an IP with parents

Hi everyone. I’m just looking for some advice on matters regarding purchasing an investment property with my parents. I’m a bit worried that the market will be picking up again soon, and I’ve found a few properties that really fall in line with my lump sum goals for the next 2-3 years, so am quite eager to get a start. The one I am most interested in is a house for ~210k, sits on a 700m2 block, 3br/1bthrm and has potential rent of about 280/week – more if the carpets are redone.

For a brief personal background, I am in my final semester of university – however, I have been working part time with a reputable company since last year, and have a signed contract of ~70k starting at the end of the year. I have 20k put aside for a deposit, plus ~7k for contingencies, and will be working throughout the semester, so theoretically would have more than enough to cover the net repayments that the rent would not fulful (apart from if something major happens to the house). No debts. Since I only start full time work at the end of the year, my parents have agreed to stand as guarantor for the loan for 6 months.

Would anyone be able to assist me in giving me some information regarding:

– The best course of action – would it be better to get it under my name with my parents as guarantors (though this loan would probably be rejected – one bank told me I would have to wait to start work full time), or get it in their name and have it transferred once I start full time work? What are the potential costs involved? I’m also wary of losing my first home grant (though my readings of the rules say that you can apply for it with your second house provided you can prove the first one was purely investment).
– My deposit is only 10%, but the loan is not necessarily that large – what would the approximate mortgage insurance be?
– Any other suggestions you might have?

My sole reason for being extremely keen is due to the fact that it seems that the area I’m looking in has bottomed out, and with a possible fall in interest rates, I’m worried that the market might pick up soon. I can wait till the end of the year – but I don’t want to suffer for it.

Thanks for your time.