Gonzalo Voena Nicolas has been saving to buy a home, but building up a deposit isn’t the only problem.

“Even when the deposit will be halved, we still will be very worried to commit into buying a house because keeping up with the mortgage and all that feels very scary,” said the Sydney logistics worker, 35.

From today, more first home buyers are eligible to purchase with a low 5 per cent deposit using the federal government’s expanded First Home Guarantee scheme. But that means a 95 per cent home loan, and it doesn’t make property prices any cheaper.

“Anything that we can afford, it’s really not a good place to start a family, it’s very small houses, very dilapidated homes that we’d have to put a lot of money to make it safe, not even nice,” he said.

“The other option is going very far

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