Menzies MP Keith Wolahan believes the revival of a shattered Liberal Party relies on boosting home ownership after the disastrous loss in the mortgage belt seat of Aston.

The Liberals lost Aston, which has a rate of 41 per cent of homes with a mortgage, above the Victorian average of 36 per cent and the national average of 35 per cent, in a byelection this month after former minister Alan Tudge retired.