BOWMAN MP Andrew Laming says the government's house deposit assistance scheme will see first-time buyers get into the property market sooner.
Mr Laming encouraged potential first home buyers to do their own calculations to see if the scheme would work for them.
Prime Minister Scott Morrison announced the scheme - that will mean a first home home buyer would only have to save for a five per cent deposit - at the Liberal election campaign launch in Melbourne on Saturday.
Labor was quick to steal his thunder, saying it will match the plan.
It means that first home buyers will get government support with their 20 per cent house deposit whoever wins the federal election on Saturday.
Mr Laming said he was one of the architects of the scheme, proposing it to Treasury in October.
"The scheme, which starts next year thanks to Labor jumping on board, will run alongside the government's first home super-saver scheme and on top of state-based initiatives," Mr Laming said.
"It will be available to those earning up to $125,000 or couples up to $200,000."
First home owner Cameron Handley of Redland Bay said the scheme had his support.
"Like many local young home-buyers with stable jobs, our biggest hurdle was amassing the deposit, rather than servicing the loan amount," Mr Handley said.
"A policy like this would have seen us secure our home a year or more earlier and benefit from the capital gain which we missed out on."
Mr Handley said the scheme would be greatly beneficial for first home buyers who did not have parents who were able to go guarantor.
"It is such a great idea for young working families as the cost of living impacts on the ability to save and provide at the same time," he said.
"The scheme still requires all the checks and balances in place so you won't fall into the trap of purchasing a house outside of your means.
"It appears to be much more accessible to those potential buyers who want to commit but are turned off by the thought of spending one or two years paying off mortgage insurance instead of the principal loan."
The Property Council said the deposit plan was a smart proposal and would provide some confidence for the housing construction sector.
"It will deliver some welcome assistance for aspiring first home buyers who have been confronted by the ever-increasing size of the deposit required to buy a home as the market has risen in recent years," the council's chief executive Ken Morrison said.