First Home Owner Remission Scheme

Brisbane City Council is making it easier to buy your first home by providing a one-year 50 per cent rates discount for first home owners.

The 50 per cent rates remission of up to $1,000 over a 12-month period for eligible first home owners (the First Home Owner Remission scheme) will commence for title transfers from 1 October and will be available on homes with a value less than $750,000.

About the First Home Owner Remission scheme

The First Home Owner Rates Remission scheme will commence from 1 October 2019 and be available on homes with a value less than $750,000 and acquired as a principal place of residence, regardless of whether it’s a new build or an existing house or unit.

To be eligible, the change of property ownership (transfer date) must be recorded by the Titles Registry Office of Queensland on or after 1 October 2019.

It introduces a partial remission of the rates and charges payable by home owners for a period of 12 months from the title transfer date for eligible first home owners who comply with Council’s definition of first home owners.

A 50% remission will be granted to a maximum of $1000 over a 12-month period from the transfer date of the land to the owner of:

1. General rates (post application of rate capping) and;
2. Environmental Management Compliance Levy and;
3. Bushland Preservation Levy and;
4. Waste Utility Charges.

Upon verification of a valid application Council will remit a portion of the rates and charges from the commencement of the next rating quarter.

The amount of the partial remission will be applied over a 12-month period and reflected on the quarterly rate account as an offset to the full amount of the rates and charges payable for the relevant land.

Eligibility

To be eligible for the First Home Owners Remission scheme:

• an application must be made by all property owners
• all applicants must be at least 18 years of age
• at least one applicant must be an Australian citizen or permanent resident.

All applicants must be eligible first home owners, meaning all applicants:

• do not currently own a home in Australia; and
• have not previously owned a home in Australia, and
• are purchasing their first home and occupy the home as the principal place of residence of all applicants for a continuous period of at least 6 months within the first 12 months following the title transfer date; or
• applicants who purchase their first block of land within the Brisbane City Council area and within one year build and occupy a home on the land as their principal place of residence for a continuous period of at least 6 months.

All applicants must be buying or building a new or established home in the Brisbane local government area.

The value of the home, including the land, must be less than $750,000.

Determining the value

For applicants who purchase an existing home, the ‘value’ will be determined by the price listed on the contract of sale.

For applicants who are building their first home, the ‘value’ will be determined by the price of the land listed on the contract of sale plus the price to build the home.

More information

For more information you can phone Council on 07 3403 8888 or visit their WEBSITE.

Would you like some more information on other first home buyer perks? Send me a message HERE, and I can send through some information to assist you.