Home Guarantee Scheme expansion: All first-time buyers offered 5% deposit optionAll first home buyers will soon be able to enter the property market with just a 5% deposit on the back of sweeping changes to the Home Guarantee Scheme. One in three first home buyers already use the scheme, which has supported 230,000 property purchasers to enter the market. The Home Guarantee Scheme, managed by Housing Australia, effectively sees the federal government acting as guarantor for a portion of a first home buyer's mortgage – up to 15%. Regional First Home Guarantee scrappedThe Home Guarantee Scheme currently encompasses three guarantees: The First Home Guarantee, the Regional First Home Guarantee, and the Family Home Guarantee. "More customer-owned banks on the Home Guarantee Scheme panel will create a more dynamic, inclusive, and competitive market," COBA CEO Michael Lawrence said.