Treasurer Josh Frydenberg confirmed in this week’s Federal Budget that another 10,000 places will be added to the First Home Loan Deposit Scheme (FHLDS).

The incentive allows first-home buyers to buy a new home with a deposit of 5% without paying lenders mortgage insurance (LMI), with the Government guaranteeing the remaining 15%.

The FHLDS consists of 10,000 spots in each wave and the last wave saw the caps on the value of eligible new homes lifted to $950,000 in Sydney and $850,000 in Melbourne. In the other capital cities participants could buy properties worth $550,000.

The Budget also lifted the maximum amount of superannuation contributions that can be released under the First Home Super Saver Scheme to be used to save for a first-home deposit – from $30,000 to $50,000.

“It is about giving people the opportunity to get into the market,” says Frydenberg.