More first home buyers will be able to enter the property market following the Federal Budget commitment to double the number of places in the Home Loan Guarantee scheme.

The scheme has already helped 60,000 Australians buy a home since it was introduced in January 2020.

The budget announcement means there will be 50,000 places on offer a year. The scheme helps first homebuyers to purchase a new or existing home with a deposit of as little as five per cent.

Other commitments to housing including 10,000 guarantees each year under a new Regional Home Guarantee from 1 October 2022 to 30 June 2025.

There will also be 5000 guarantees each year from 1 July 2022 to 30 June 2025 to expand the Family Home Guarantee, which helps single-parent homes with children buy their first home or to re-entering the housing market with a deposit of as little as 2%.

The First Home Guarantee will be expanded to 35,000 commitments per year.