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

Note: The First Home Owners Grant does not apply in Queensland, please refer to the Queensland First Home Owner Construction Grant.

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 NSW, the cap is $835,000 (as of 31 March 2010). 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 $550,000. 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.

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.