First-home buyers are in the sights of the Federal Government with Budget announcements aimed at helping them get a foothold on the property ladder.

The Budget promises three different new or ongoing grants to assist First Home buyers – the First Homeowner Grant, First Home Super Saver Scheme and the Home Guarantee Scheme.

The Home Guarantee Scheme, which allows would be homeowners to purchase a home with minimal deposit without mortgage insurance, has been expanded with the number of places in the scheme increasing to 50,000 a year for three years.

The original scheme, first announced in 2019, has already resulted in more than 24,000 settled purchases.

The scheme has three different categories: the First Home Guarantee, the Family Home Guarantee and the Regional Home Guarantee.

Under the scheme 5,000 spots will be allocated to single parents wanting to buy with a 2% deposit, and 10,000 places will be allocated to people wanting to buy a new home in a regional area.