The Federal Government's expanded First Home Guarantee Scheme has come into effect this week, giving thousands more Australians the chance to enter the housing market with just a 5 percent deposit.

The number of people buying their first home with a 5 per cent deposit surges after the federal government makes sweeping changes to the scheme.

The government is reportedly considering introducing 99% loan-to-value (LTV) mortgages in a bid to support first-time buyers and boost the property market. According to The Independent, Chancellor ...