It aims to help people with deposits as small as five percent buy properties by guaranteeing up to 15 percent of the mortgage.
The Prime Minister has dismissed concerns that the Help to Buy scheme will create a bubble in the housing market.
The first mortgages - where the government backs loans to those with five percent deposits - have gone on sale today.
The coalition's initiative is aimed at getting buyers who can only afford small deposits to buy a home.
Brian Harris is the Director of Mortgages for Christians. He told Premier's News Hour the initiative is not as good as many are making out:
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