A month into the Australian Government's 5% Deposit Scheme, some homebuyers feel left behind. But here's where it gets controversial: while the scheme aims to help first-time buyers, many essential workers like Peter Njoroge, a 46-year-old father of three, are being left out due to their casual employment status. Peter earns around $130,000 annually and his wife earns $40,000, making their combined pre-tax income $170,000. However, they struggle to save for a house deposit due to high living costs and rent. The federal government promised to help working Australians like Peter into home ownership, but he's been knocked back for loans due to his casual employment. He's hoping the Help To Buy scheme will offer better financing, but with a limit of 10,000 places and no income limits, there's still uncertainty. Meanwhile, the expanded 5% deposit scheme has seen a surge in loan applications, with some buyers waiting weeks for pre-approval. Home prices are rising faster, too, with analysts attributing this to first homebuyer incentives and supply shortages. However, growing inflation has dampened hopes of further rate cuts, and the real winners of continuing price increases are existing property owners. As one homeowner, Leith Golding, points out, the race to ownership is unsustainable in the long term, and we need to think about housing in a different way.
