Master Builders Australia has commended the federal government’s expansion of the First Home Loan Deposit Scheme.

According to Denita Wawn, CEO of Master Builders Australia, the scheme is a proven success story.

"Expanding it for new homes ticks all the right boxes to help us build our way to economic recovery,” she says.

“Thousands of small builders and tradies are staring down the barrel of destruction. This move by the government is going to help save jobs and keep businesses afloat.”

“Boosting home ownership and residential building activity are among the most effective ways to fire up aggregate demand, which is exactly what we need right now.”

“Helping people overcome the deposit gap so they can achieve home ownership is important now more than ever.”

“It is the single most effective way of building financial security which is fundamental to people’s mental and physical wellbeing.”

“Master Builders Australia called for the government to make this move it in its Pre-Budget Submission.

"This announcement proves that they are listening,” Denita Wawn says.

“That’s because expanding this scheme, particularly when combined with HomeBuilder and less restrictive mortgage lending rules, can help the country build its way out of recession.”

“Home building has the second largest multiplier effect in the economy through its supply chain. The building industry is deeply integrated into the economic fabric of this country, more building means more growth and more jobs.”