Nearly 1,500 properties bought using Australia’s first home buyers' 5% deposit scheme converted into investments

New data shows the federal government scheme has been used by high-income borrowers, including one couple earning an annual $674,000

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The 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.