Sunrise host Natalie Barr has fired up over Labor's expanded home deposit scheme, highlighting concerns from experts that it will send house prices soaring in an already overheated market.

From October 1, all Australian first home buyers will be able to purchase a home with a five per cent deposit without needing to purchase lender’s mortgage insurance.

Speaking to Sunrise on Wednesday morning, Housing Minister Clare O’Neil said the scheme would reduce the time it takes first home buyers to get into the housing market.

“As of today, every single first home owner around the country will be eligible to get into their first home with just a five per cent deposit and our government's backing,” she said.

“This is about reshaping those home ownership opportunities that are being faced by the

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