There will be some immediate relief from the cost of living introduced in the federal budget tomorrow night.

The Treasurer is expected to temporarily slash the fuel excise by up to 20 cents per litre for six months.

First home buyers will also benefit with the Home Guarantee Scheme set to be expanded by 50,000 residences a year.

Under the initiative, the government will guarantee up to 15 per cent of a home loan.

It means first homebuyers can enter the property market with a 5 per cent deposit and single parents only need to raise 2 per cent.

Assistant Treasurer Michael Sukkar told Neil Breen it will help more first home buyers get into the property market.

“We had 180,000 first home buyers in the last calendar year, which is up on the long-term average of about 100- to 110,000.

“So even in the midst of really rapidly rising house prices, the first home buyers at record highs just shows these programs are working.”

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