Hey Cassie!!
I'm from Aust too! (in melb!) and me and my two girlfriends are going backpacking around europe for 3 months.. in about 5 weeks!!
Only thing Id say to consider is the weather - considernig its gonna be winter in Europe (depending on if its an issue for you) you might wanna organize your trip in accordance to the less colder countries?
We're saving up a fair bit for the trip and we've got a Eurail pass to get us around the place. We managed to get an awesome deal from a travel agent - my best advice when your looking for ticket prices: go to as mannnnnnnnnnyyy travel agents as possible and compare prices to get the best deals - we each went and got quotes from as many travel agents as possible, then compared and took the cheapest price back to all the agents for them to beat it.. and in the end got an amazing deal!! so the hassel was well worth it!
Thats probably all the advice i've got - this is our first time backpacking so we're trying to find good but cheap places to stay aswell..
Good luck with your exams and planning your trip!
sangi