Australia's First Home Buyers' Scheme Faces Criticism Over Investment Conversions
Australia's 5% deposit scheme for first home buyers has come under scrutiny after it was revealed that nearly 1,500 properties purchased under the scheme have been converted into investment properties. The scheme, designed to help first-time buyers by allowing them to borrow 95% of a property's value with a government guarantee, has also been utilized by high-income earners. The Greens have criticized the scheme, arguing it should not benefit wealthy individuals and property investors. The government has defended the scheme, stating that once participants transition out of the scheme, they are free to decide what to do with their property. The scheme's popularity has increased since the Albanese government removed income caps, leading to a rise in home purchases. 
