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The Guardian - AU
The Guardian - AU
National
Luca Ittimani

Higher-earning Australians flocking to 5% first home deposit scheme, with some borrowers earning over $200,000

Labor Australia Saul Eslake
For sale signage in the suburb of Flemington in Melbourne
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

Most Australian first home buyers are using the government’s 5% deposit scheme, with one in three new participants earning more than the scheme’s previous cap for high-income earners.

The influx of high-income earners into the first home guarantee program, economists warn, has pushed up property prices by increasing buying capacity for people who would have bought anyway.

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