First HomeBuyer Choice (Property Tax)
First Home Buyer Choice (Property Tax)
First Home Buyers can choose to pay upfront stamp duty or an annual property tax to lower their upfront costs.
Eligible First Home Buyers of properties up to $1.5 million (or vacant land up to $800,000.00) can now choose to pay an annual property tax instead of stamp duty upfront.
This scheme is only available to first home buyers.
Eligibility
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You must be an individual, not a company or a trust.
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You must be 18 year old or over.
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At least one of the purchasers must be an Australian citizen or resident.
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You must not previously of owned property in Australia or received any previous first home benefits.
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You must move into the property within 12 months of settlement and live in the property continuously for at least 6 months.
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For vacant land, you must commence building within 12 months of settlement, and complete building within 5 years of settlement. Once the building is completed, you must move into the property within 12 months of completion and live in the property continuously for at least 6 months. The land must not be used for any other purpose during this time.
The rate for upfront stamp duty and also the annual property tax can be calculated on the website below.