My wife and I were married about a year ago and, between us, have just over $150,000 (AUD) in our joint bank account. We're both in our late-twenties and work full time, but have fairly average salaries (approx. $80,000 AUD combined per year after tax) -- most of our savings have accrued because we've both worked at least casually since we were 16 and have been fortunate enough to live with our respective parents until our early twenties.
We currently rent, own one 3 year old car and have no other notable assets. We would like to buy our own house in the future when we are financially prepared to undertake a mortgage. We have both completed university degrees and my wife is currently paying her HECS debt back incrementally (deducted from her pay each fortnight), while my salary is not high enough to require me to pay any of it back. My degree cost approx. $16,000, while my wife's cost her around $22,000. We have no other debts and do not use credit cards.
With such a large amount just sitting in our high-interest bank account that we don't immediately need (we earn enough to live off and add a fair bit each month to our savings), we thought it would be wise to invest it. Generally speaking, we'd both prefer low risk options and I had been considering a term deposit (while keeping enough on hand as an emergency fund).
What are some good places to start in low-medium risk investments that could help us better save for our own home?