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

Australia's five percent first home deposit guarantee scheme is attracting higher-income buyers than originally intended. According to The Guardian, one in three recent participants earn more than the scheme's previous income cap, with some borrowers making over two hundred thousand dollars annually. Economists warn the removal of those caps is inflating property prices by boosting buying power among people who would have purchased homes regardless.

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