The election. First Home Buyers weigh in.

Now that a date has been set for the election, May 21, First Home Buyers have to decide whether their vote will be impacted by the first home benefits being offered by each of the major parties.

The Morrison government leads the way with its announced continuation and ramping up of its First Home Buyer Schemes. Previously renewed annually, Morrison's Liberal party will continue indefinitely with its First Home Guarantee (previously the First Home Loan Deposit Scheme) so popular among many first home buyers. Places will be ramped up to 35,000 annually (previously 10,000), with eligible first home buyers being able to break into the market with only a 5% deposit and no Lenders Mortgage Insurance (LMI).

The Albanese Labor party on the other hand focus lies purely with regional first home buyers. Under Labor's scheme only 10,000 first home buyers will be able to secure a home with a 5% deposit providing the purchase is in regional Australia.

Based on a direct comparison, Scott Morrison's First Home Guarantee will reach a significantly higher number of young Australians, without any restriction as to where buyers need to purchase (metro vs regional) compared to the Labor parties promised First Home Buyer Scheme.

The questions is whether the stark difference between the two parties First Home benefits will sway first home buyers struggling to break into many markets around Australia. With escalating prices particularly in metro and inner city suburbs including Melbourne, time will tell.