Australia's first home buyers scheme misused by high-income borrowers for investment properties
Australia's first home buyers' 5% deposit scheme has been used to purchase nearly 1,500 properties that were subsequently converted into investment properties, according to new data. The scheme has also benefited hundreds of high-income earners exceeding $300,000 annually, after the Labor government removed income restrictions that previously excluded wealthy borrowers.
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Nearly 1,500 properties bought using Australia’s first home buyers' 5% deposit scheme converted into 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.
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