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. Despite earning a comfortable income, Mr. Njoroge, who works in disability care, and his wife, who works in childcare, are unable to secure bank financing due to their casual employment status. This is despite the fact that they are eligible for the scheme, which offers unlimited places and no income limits. The couple's struggle is not unique; many essential workers are facing similar challenges. As the demand for loans surges, with some buyers waiting weeks for pre-approval, the housing market is becoming increasingly competitive and expensive. While the government's Help To Buy scheme promises to address this issue, it may not be enough to alleviate the anxiety and stress of the home-buying process. The real winners of the continuing price increases are existing property owners, who benefit from the increased purchasing power of other housing consumers. This is a familiar story for many, like Leith Golding, who lives in Croydon in Melbourne's outer east. Mr. Golding, a 58-year-old father of two, used to own a home but is now renting after a divorce. Despite his six-figure salary, he feels that buying an appropriately sized property in his area is still out of reach. The race to ownership is unsustainable in the long term, and we must think about it in a different way. The housing conversation must include issues like longer leases and better conditions for renters, to take some of the heat and anxiety out of the home-buying market.
