A New Twist in the First Home Buyers Scheme: High-Income Borrowers Cash In. In a surprising revelation, data has emerged indicating that the federal government's 5% deposit scheme, initially designed to help low- and middle-income first home buyers, has been exploited by high-income earners. According to the new figures, nearly 1,500 properties have been purchased using the scheme, with some of these properties being turned into lucrative investments. One striking example is a couple earning an annual income of $674,000, who have successfully utilized the scheme to purchase a property. The decision by the Labor government to lift the income cap, which previously excluded high-income borrowers, has contributed to this trend, with hundreds of Australians earning over $300,000 a year now benefiting from the scheme.
New data shows the federal government scheme has been used by high-income borrowers, including one couple earning an annual $674,000Get our breaking news email, free app or daily news podcastThe 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. Continue reading...
