A mixed reception has greeted a newly-implemented scheme to help young Australians shave years off the time to break into the property market but could also drive up house prices.

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Labor's five per cent deposit scheme took effect on Wednesday, allowing eligible first-home buyers to get a mortgage with a much smaller deposit and avoid paying for lenders' mortgage insurance.

Some analysts argue the measure will add demand to a hot property market.

The Insurance Council has previously warned it could push up the cost of a

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