Higher-earning Australians flocking to 5% first home deposit scheme with some borrowers earning over $200,000
Australian government data reveals that high-income earners are increasingly utilizing a 5% home deposit scheme originally intended for lower-income buyers. Economists warn that the removal of income caps is inflating property prices by increasing the purchasing power of those who could already afford to buy.
The 5% deposit scheme has been touted by Labor as a way to increase home buying, but ABS data indicates there was just a 3% increase in first home buyers from October to March. Photograph: Christopher Hopkins/AAP The 5% deposit scheme has been touted by Labor as a way to increase home buying, but ABS data indicates there was just a 3% increase in first home buyers from October to March. Photograph: Christopher Hopkins/AAP Housing Higher-earning Australians flocking to 5% first home deposit scheme with some borrowers earning over $200,000 Exclusive: Economists warn Labor’s removal of caps could be pushing up prices as support flows to people in better financial positions
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