Nearly 1,500 properties bought using Australia’s first home buyers' 5% deposit scheme converted into investments
New data reveals that nearly 1,500 properties purchased under Australia's 5% deposit scheme for first-time buyers have been converted into investment properties. Critics argue the scheme is being exploited by high-income earners and investors rather than helping low-income first-home buyers.
Why it matters
This raises concerns about the effectiveness and equity of government housing subsidies in the context of a national affordability crisis.
Australia’s 5% deposit scheme for first home buyers ‘shouldn’t benefit the wealthy and property investors’, the Greens say. Photograph: Sam Mooy/AAP Australia’s 5% deposit scheme for first home buyers ‘shouldn’t benefit the wealthy and property investors’, the Greens say. Photograph: Sam Mooy/AAP Housing Nearly 1,500 properties bought using first home buyers’ 5% deposit scheme converted into investments New data shows the federal government scheme has been used by high-income borrowers, including one couple earning an annual $674,000
Get our breaking news email , free app or daily news podcast
Prefer the Guardian on Google The government’s 5% deposit scheme for first home buyers has enabled the purchase of nearly 1,500 properties that were turned into investments, new data shows.
The scheme is also helping hundreds of Australians earning more than $300,000 a year, after Labor stopped excluding high-income borrowers.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in