Earlier this year, the Brisbane City Council announced a new rates remission program to assist first home buyer’s entering the property market. Eligible first home owners will receive a 50% rates remission (up to a limit of $1,000.00) in the first year of ownership. The remission applies to both new and existing houses and units.
To be eligible for the remission, the following requirements must be met:
- Applicants must be eligible first home owners, meaning they:
- do not currently own a home in Australia;
- have not previously owned a home in Australia; and
- are purchasing their first home, will occupy that home as their principal place of residence for a continuous period of at least 6 months and will move into the property within the first 12 months following settlement; or
- they purchase their first block of land and within one year, build and occupy a home on the land as their principal place of residence which they occupy for a continuous period of at least 6 months.
- Settlement must occur on or after 1 October 2019;
- The property value must be less than $750,000;
- An application must be made by all of the owners of the property;
- Applicants must be at least 18 years of age; and
- At least one applicant in each application must be an Australian citizen or permanent resident.
Applications can be made online and upon approval, Council will remit a portion of the rates on the next rates account.
First home buyers are also eligible for an exemption from the Rate Account and Services Establishment Fee. Further information can be found at this link.
See this link for more information about Brisbane City Council’s first home buyer rates remission.
Please contact us should you need further information.