Scott Morrison isn't sure if his plan to help some Australians buy their first home more easily will increase house prices. But the prime minister is confident the scheme won't push prices lower, arguing the same wouldn't be true if Labor's plans to reform housing tax breaks are fulfilled. 'It's difficult to say, it's difficult to say,' the prime minister said at a housing estate in Cadden, in western Sydney, when asked whether the plan could lead to price rises. 'But I do know this: Labor's housing tax will force the value of your home down. 'We want to see more first homebuyers in the market, absolutely, and we don't want to see people's house prices go down.' Under the new home deposit scheme, the government would offer loan guarantees for first home buyers, allowing them to buy properties with deposits of just five per cent. Scott Morrison visist a housing estate in Caddens, in the seat of Lindsday, after his election-changing policy was announced The government is providing the National Housing Finance and Investment Corporation with $500 million to deliver the scheme, along with $25 million to set it up and research the housing market. The prime minister said the plan would allow singles earning less than $125,000 a year and couples earning less than $200,000 a year to get into the housing market for the first time. About 10,000 people are expected to benefit, which would have been about one in 11 new home-buyers in 2018. But Mr Morrison says that's a current estimate and not a final figure, stressing the scheme will be aimed at low and middle income earners. 'The scheme will ultimately be determined by the number of loans approved by the lenders and the arrangements with the National Housing Finance and Investment Corporation.' Labor has committed to matching the scheme, blunting the prime minister's pitch on housing affordability. But Mr Morrison is eager for people to know that Labor wants to scrap another scheme that helps people save for their first home by withdrawing voluntary contributions to their superannuation. 'It's fine for Bill Shorten to try and mimic us, but what he can't mimic is our ability to implement policy, design policy and do it in a way that doesn't increase taxes,' said in a live Facebook video. There were about 110,000 new home-buyers in Australia in 2018, the highest level in nine years, a fact that Mr Morrison has talked up in recent weeks. But he insists it's the right time for extra support because it's never easy to get together a 20 per cent deposit. 'It is a big mountain to climb.' Housing industry bodies the Property Council and Master Builders have backed the scheme. The plan is based on another program already operating in New Zealand. But across the Tasman, first home-buyers must save a deposit of 10 per cent, rather than five per cent, before they are eligible to have their loan underwritten by Housing New Zealand. Prime Minister Scott Morrison announced a new scheme at the Liberal election campaign launch in Melbourne on Sunday that will mean a home buyer would only have to save a five per cent deposit. Labor promised to match the offer if elected. Under the plan, the Commonwealth would make up the difference between five per cent of the purchase price and the full 20 per cent deposit. The scheme will allow struggling singles, couples and families to break into the property market, even if they can only stump up a quarter of the deposit typically needed for a house. FIRST HOME LOAN SCHEME EXPLAINED The First Home Loan Deposit Scheme is a government initiative to help first-home buyers First-home buyers will no longer need to save a 20% deposit They will instead need just 5%, with the Commonwealth stumping up the difference The scheme will be available for single people earning under $125,000 and couples earning a combined salary under $200,000 The Coalition vowed to spend up to $500M on home loan deposits for first-home buyers. Labor matched that commitment on Sunday 'This will make a big difference,' Mr Morrison told the party faithful on Sunday. 'Cutting the time taken to save for a deposit by at least half or more.' Shadow treasurer Chris Bowen said Labor would match the commitment. 'After six years of failure, and six days before an election, the Liberals are desperately trying to tell young Australians they understand their struggles to buy their first home,' Mr Bowen said in a statement. He said first home buyers knew the Liberals were out of touch and were only for the top end of town. 'We back genuine support for first home buyers - that's why we are also reforming negative gearing for future purchases, so young Australians don't have to keep losing out to wealthy property speculators,' he said. The dream of home ownership could become a reality for more Australians of a Coalition Government is re-elected on May 18 (stock image) The Coalition's proposed plan would allow singles earning less than $125,000 a year and couples earning less than $200,000 a year to get into the housing market for the first time The Property Council said the deposit plan was a 'smart proposal' and will provide some confidence for the housing construction sector. 'It will deliver some welcome assistance for aspiring first home buyers who have been confronted by the ever-increasing size of the deposit required to buy a home as the market has risen in recent years,' the council's chief executive Ken Morrison said in a statement. Mr Morrison was joined on stage by wife Jenny and two daughters after launching the scheme Mr Morrison's proposed scheme sparked a mixed reaction from voters on social media. 'Throwing a few more first home buyers into the fire to prop up property prices. Burn the youth. Save the rich,' one tweeted. Another added: 'Brilliant idea however this scheme should also be for families who have not had a home for 10 years or more. 'There are many women that have had homes in the past but due to divorce/separation have lost their home & have not been able to save enough deposit to get back in.'All rights reserved for this news site dailymail and under his responsibility