By Anissa Cavallo, property expert and adviser from Eda Property

When the government announced it would expand and fast-track the First Home Guarantee Scheme to October 1st, there was a mixed reception.

On one hand, for Australians locked out of the property market, it's a chance for everyday people to get on the ladder with just a 5% deposit. On the other hand, it's going to increase house prices.

But behind the political spin and headlines lies a sobering truth: a 5% deposit means taking on a 95% mortgage.

I say this as someone who has lived on both sides of the equation. I've built a portfolio of 17 properties, but I'm also a single mum who once lost everything and had to start again from scratch on a $90K income.

I know the thrill of buying a home when it feels just out of reach.

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