Transfer duty Previously called stamp duty, transfer duty is a tax imposed by the State Government and is based on the purchase price of the property. This is usually paid before property settlement and is likely to be the biggest expense after the mortgage.
Land tax This is based on the total value of land, less any exemptions claimed, and is imposed by the State Government on the owners of freehold land in Queensland as at midnight on 30 June each year.
Legal costs and searches These include solicitor’s or conveyancer’s fees as well as title and government searches, which will incur additional costs on top of the conveyancing fees.
Building and pest inspections Recommended before the sale goes unconditional, building and pest inspections are important and costs for these should also be taken into account.
The extras Don’t forget to include costs for home insurance, removalists, and council and utilities rates for when you move into your new place.
With a little pre-planning, or a bit of additional saving, these extra costs shouldn’t come as too much of a surprise – making the home buying process a whole lot more enjoyable.
At QBANK, we are pleased to share good news that may benefit our members, such as the announcement of the $25,000 HomeBuilder Grant, a great opportunity that could not only help you out, but also Australia's economy following the slowdown of recent months.
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QBANK encourages members to stay alert for COVID-19 scams as scammers take advantage of the current situation, people’s movements, moods and personal needs.