Purchasing a home in Australia?

Would my partner and I be better off purchasing a house with very little savings ($10,000) and having his parents be our 'guarantor' or renting until we have about $200,000 in savings?

We currently pay $150 a week each renting plus bills and we have someone living with us paying $180 a week because they have their own bathroom and two rooms.

I get paid $680 a week and will be getting a pay rise in 6 months then every year from now on. I can manage to save around $370 a week. My boyfriend is a contract worker but could potentially be moving into a full time position soon earning around $800 a week but he would probably only be able to save about $400/$500 a week.

If we were to purchase a house my boyfriends parents would go 'guarantor' for us which means we could potentially pay $0 upfront. We would buy a house in a popular growing suburb and have 2 or 3 people living with us renting which would take the stress off us to pay the mortgage.

Even though our mortgage would be huge if we had a bunch of people living with us paying us most of the mortgage wouldn't we be better off? Because then we could afford to make bigger repayments each week/month and reduce how much we owe and our interest?

I need some opinions?
Added (1). *side note* we would probably buy a house around the $450,000 to $550,000 mark

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