First home buyers in Christchurch have hit the jackpot this afternoon.

The Government's giving the City Council three million dollars to fund a programme to help residents jump on the property ladder.

The Council will aim to match the Government’s funding, bringing the fund to at least six million dollars.

Councillor Vicki Buck said the money will be continually paid back and redistributed.

"If you are seeking to buy a first home but don't have sufficient [funds] for the deposit, then we look at a shared equity which helps people into their first home and then they repay that when either they can buy it out or when they sell the house."