THE Rudd Government has promised $850 million worth of new tax concessions for aspiring home buyers ahead of an almost certain interest rate rise today.

As more strong economic figures all but locked in an 11th consecutive interest rate rise, Treasurer Wayne Swan unveiled a scheme providing annual benefits of up to $1500 for people voluntarily contributing up to $5000 a year into special first home saver accounts to be run by superannuation funds.

The scheme effectively gives depositors a 15% discount on their marginal tax rate, although they will be forced to wait five years before the money can be accessed to buy a house.

It comes amid soaring house prices and warnings that record numbers of households could face mortgage stress this year.