Millions of Australians eligible to take up the federal government’s new 5% deposit scheme could be unable to afford mortgage repayments, new analysis has shown.

Data compiled by the Parliamentary Library and commissioned by the Greens shows of the 3.8 million Australians in the top 10 most common professions in Australia, the vast majority would be unable to afford mortgage repayments on the median Australian home without falling into housing stress.

On Wednesday, the government expanded the scheme, which helps eligible first-time buyers get into the market with a deposit of as little as 5% by lifting borrowing limits and income caps. It just got easier to buy your first home after Australia’s first home guarantee expanded Read more

As of March, it takes a median-income household –

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