It's a tough one all right.
To convert a JAR lic to an Australian one is a lot cheaper. (Note, when talking to flying schools in Oz they don't use the term fATPL).
There is a lot more varied flying in Oz, however, unless you instruct you'll have to go "bush" to get hours. Unlike Europe, it is practically impossible (outside Qantas) to get onto turbines without several thousand hours and at least 500 hours multi command.
Converting an Aus ATPL (not frozen) is still very expensive. Converting an Aus CPL/IR or ATPL (no turbine time) costs about the same but you'll get a JAR CPL.
Aviation in Australia isn't as bad as many make out. The Qantas regionals are finding it tough to find suitable canditates at the moment. (ie multi time, turbine time etc). Cathay, Qantas and Virgin Blue have been recruiting pretty heavily untill recently. SARS has put a bit of a dampener on things at the moment.
It is a much tougher place to get onto jets than Europe.
The bush flying is fantastic and worth doing.
The lifestyle in Oz is great.
I came the other way. ie from Oz to the UK. I know what you mean about leaving your family. They are only (hahahah) 24 hours away via QF/BA or there's the phone.
I'd focus on your exams at the moment. You got plenty of time on your side.