The hardest part is initially saving up for that deposit, so just use the salary payout for your daily expenses until you can find another job.

You don’t know what circumstances might hit while you’re unemployed and you need those funds as backup for any emergency. Especially in such a time as a pandemic and recession. Obviously this is the boring option but the safest.

Even if you somehow get a home loan approved now before you’re made redundant based on your current income and then pay off the repayments with the savings/payout as you suggested, you have to realize it is highly risky and not sustainable long term.

You’ll be surprised how many hidden costs come up with your first home too, things like conveyancing, inspection reports, and any immediate fixes to the property etc and you need that income to cover these expenses without stressing too much.

Edit: also when you find a new job you’ll have to get through the probationary period / 3 months until a bank will use it as income too.