Thank you all for your feedback. An Economist friend of mine told me that the way they worked out the figure of $7000 was based on the average amount of tax and other expenses that are incurred when buying a property, so it was decided that rather than wavering the charges/taxes on buying into property they just give you a cashback sort of a deal (not sure that this is 100% true but interesting none the less).

Cheers,

Jake.