Nationals Leader David Littleproud has joined the RBA in “calling out” Labor’s first home buyer scheme as an “expensive smoke screen” after the Prime Minister conceded there will be a "slight increase in prices".

On Wednesday, the Albanese government’s five per cent deposit scheme for first-home buyers kicked in, having followed through with its election promise to expand the Home Guarantee Scheme by dropping required deposits from 20 per cent.

It also fast-tracked the changes, so they began on October 1 instead of January 1, 2026.

While the government has spruiked it as a major win for young Australians struggling to get a foothold in a supply-starved market, others have warned the move will push prices even higher and saddle Australians with mountainous 95 per cent mortgages.

Speakin

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