The scheme allows 10,000 first-home buyers across Australia financial year to purchase a new home with a deposit which can be as little as five per cent.

Labor's Anne Urquhart said the scheme had been fully subscribed in its first six months of operation.

She said history had shown stimulating housing had been central to national recovery from economic shock.

"The government needs to stop delaying and help save the jobs of local tradies," said Senator Urquhart.

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Real Estate Institute of Tasmania president Mandy Welling said an uncapped home loan scheme was supported by the organisation.

"Anything to encourage growth in the real estate sector would be backed by us," she said.

"We certainly don't want to have a repeat of what happened with the recession in the early 90s when all of our skilled tradespeople left Tasmania to go interstate for employment."

Braddon Liberal MHR Gavin Pearce said the federal government had laid down a safety net which had supported Australians through the coronavirus crisis.

"It is clear, however, that there are some sectors that will require support for longer," he said. "The government knows the economic importance of a strong building and construction sector and I am confident that full consideration is being given to this as the fourth stimulus package is developed."

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