Australians looking for help to enter the competitive housing market might not have to wait much longer with the Federal Government bringing forward its regional home buyers scheme.

From October 1, up to 10,000 regional Australians will be able to jump into the property market with as little as a five per cent deposit.

Today money expert Effie Zahos said lenders mortgage insurance, which is usually required when a deposit is so low, will also be waived.

To be eligible, Effie said you must have lived in the region for 12 months, have an income lower than $125,000 as a single, or less than $200,000 as a couple and be aware property price caps apply.

With five rate hikes so far, Effie said property prices have only fallen around 1.6 per cent in regional areas compared to capital cities.

She also said in some flood-affected areas, had fallen by 20 per cent and it could be harder for those areas to recover price-wise, so the government bringing the regional homebuyers scheme forward by three months is a bit odd.

"We're going to see another rate hike," she said.

"Even though regional prices have been resilient, CoreLogic data is suggesting that they will fall to price drops as well."

Watch the film with Effie on the 'TODAY SHOW'