From January 1 next year, 10-thousand first-home buyers annually, will be able to purchase a property with just a five per cent deposit.
The other 15 per cent is to be guaranteed by the government.
Under the scheme, the federal government will guarantee the difference of a standard down-payment and remove the costs of lenders mortgage insurance.
The government revealed state-by-state price caps - as well as more details on who will benefit.
It says access to its first home buyer deposit scheme will be on a 'first-come, first-serve' basis.
