First Home Owner Grant: qualify and you can save $7,000 on your new home 

Buying your very first home is an exciting event and one worthy of celebration. There's nothing quite like owning your home to add to your peace of mind. What's more, as a wealth creation strategy you're making a smart move because 'bricks and mortar' is one of the best performing assets over the long term.

Better still, as a first time buyer of property, you may qualify for the Government's First Home Owner Grant (FHOG). This grant is worth $7,000, but by using it to reduce your mortgage it can be worth a whole lot more in reduced interest payments.

Buy specially discounted properties in innercity Brisbane

To save you more and allow you to maximise the benefit of this grant, Grow Consulting have partnered with leading property developers to offer specially discounted new apartments in prime innercity locations.

These deals are unlikely to be repeated so have a look at the available properties and note the stamp signifying this special offer.

 The following information will provide some details on the FHOG, and if you want to know more, book into our next free information-packed seminar.

Who is eligible for the First Home Owner Grant?

You are eligible for the First Home Owner Grant if you:

• Are an Australian citizen or permanent resident
• Are buying or building a first home in Australia
• Occupy your home within 12 months of settlement and live in it continuously for at least 6 months
• Buy a property for less than $750,000 (the 'cap').

The FHOG is only available if you own property for the first time, although you may still qualify if you bought a property before July 1990 and which you then used solely for investment purposes (that is, you rented it out and never lived in it).

Different rules depending on the state you live in

Each state in Australia have their own set of rules applying to their First Home Owner Grant or equivalent. For example, the cap on purchase price varies. In Queensland, the cap is $750,000 (as of 31 March 2010), whereas in NSW it is currently $835,000. You may also qualify for additional first home owner grants in other states.

No stamp duty for first home buyers

As a first home buyer, you will also benefit from zero transfer (stamp) duty on purchase amounts up to $500,000. If your property is over $500,000 but less than $600,000 you will get a partial concession on duty.

If you buy land to build on, there is no duty on a residential block valued up to $250,000.

First home buyers can also qualify for the Qld Building Boost Grant

From 1 August 2011, you can apply for the Queensland Building Boost Grant worth $10,000. Conditions apply but the key criteria is that the house you buy is brand new and valued at less than $600,000.

If you qualify for both the First Home Owner Grant and the Qld Building Boost Grant, you can save $17,000 off the cost of your new home. You may also be exempt from stand duty.

Example: new home buyer saves $17,000 on his new home by qualifying for the First Home Owner Grant plus the Qld Building Boost Grant

Jack, 35, works in the media field and has been renting ever since he left university. The idea of owning a modern high-rise apartment with views over the Brisbane River appeals, but to date he's been wary of the cost of mortgage repayments.

Jack consults with a Grow Consulting property investment consultant and learns that he is eligible for both the First Home Owner Grant and the Building Boost Grant, the benefit of which is $17,000 in his pocket - for doing nothing!

What's more, as a first time property buyer, Jack is also exempt from paying stamp duty on his apartment purchase.

With the grant amounts added to his saved deposit plus exemption from stamp duty, Jack is now able to borrow less to finance his property purchase. Lower mortgage means lower monthly repayments, which allays Jack's main concern regarding affordability.

With Grow's help, Jack is able to buy a great apartment in a sought-after innercity suburb. The grants have helped lower his mortgage repayments and he's now achieved the lifestyle he wants. As well, Jack has peace of mind. By benefiting from Grow's negotiating skills, he knows he has paid a good price for his property plus he is secure in knowing his property will increase in value due to its location.

Buy top class apartments in prime innercity locations - look for the stamp

To help you get the most out of the First Home Owner Grant and the Qld Building Boost Grant, we are offering specially discounted pre-approved apartments positioned in prime innercity suburbs, where you can save up to an additional $10,000 on top of the Queensland Boost and Grant.

Check out the available properties and look for the stamp denoting this special offer.

Contact us to find out more about the government grants or book into our next workshop where we'll give you all the information you need.