Buy now or save more?

I am a 29m, sole earner for my family (wife and 1YO). I make $150k a year gross (and a pretty reliable 20k bonus). We have 50k saved.

Our lease is up in September this year, and as a starter we would be looking for an apartment around our current area (Carnegie, Murrumbeena, Hughesdale, Clayton VIC) with 2 bedrooms & preferably an older walk up build with a budget of 600k (wanting to avoid stamp duty).

I’m aware that if doing a purchase with less than 20% it could attract LMI (I would like to get the home guarantee scheme if possible) but I am keen on getting out of rentals. I think on my current income and considering I have 0 debts or student loans I should be able to service the mortgage we are looking to get.

Is this a bad idea? Currently I’m paying $2650pm for our rental, costs for apt would add up to probably $4000 a month but at least I would be paying a small bit against the principal which would increase over time.