Knowing it takes a long time to save a deposit to buy a home, the Morrison government announced some great news for first home buyers.

In 2020, they are introducing the First Home Loan Deposit Scheme which will help first home buyers get into the property market a lot faster than they would have.

To be eligible, they must have saved at least 5% deposit and be earning less than $125,000 or $200,000 for a couple.

The scheme will also help first home buyers save around $10,000 by not having to pay Lenders Mortgage Insurance.

The scheme will initially only be available to 10,000 borrowers a year which is only about 10% of buyers who purchased their first home in 2018.