Australia's first home buyers scheme properties converted to investments

Australia's first home buyer scheme allowing 5% deposits has been misused by nearly 1,500 borrowers who converted their purchases into investment properties rather than owner-occupied homes. The scheme has also increasingly benefited high-income earners, including couples earning over $674,000 annually, after Labor removed income caps. This suggests the program may not be effectively targeting its intended beneficiaries of genuine first-time home buyers.