The government has announced it will launch a new equity loan scheme to help first-time buyers purchase a new build home. Ahead of the Labour party conference in Liverpool, the prime minister Andy Burnham said the government would launch the initiative, Your First Home, at the Budget on October 28. The scheme, applying to England, is, according to the Ministry of Housing, Communities and Local Government (MHCLG), expected to offer 20% government-backed equity loans for first-time buyers with 2.5% deposits who are buying a new build property from a developer participating in the initiative.