The federal government has guaranteed up to 15 per cent of a mortgage in its Home Guarantee Scheme.

In an interview with Gareth Parker on 6PR Breakfast, Assistant Treasurer and Housing minister Michael Sukkar said that the Federal Coalition government will double the program in tomorrow’s budget to cover 50-thousand places.

It means eligible households only need to save a 5 per cent deposit, and single parents only 2 per cent.

The Housing minister told Gareth Parker that it would help more first-time homebuyers get into the property market.

“The strings attached are you have to meet the credit assessments of a bank,” he said.

“We’re not lending the money. We’re guaranteeing a portion of the loan that’s what enables someone to purchase a home, for example, with a five per cent deposit instead of a 20 per cent deposit.” 

Tap PLAY to hear the full discussion with the Assistant Treasurer, including other budget promises ahead of Tuesday.