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.
No-one is immune from being scammed. You can’t always avoid being targeted by scammers who want to separate you from your money, but you can protect yourself by learning about scams, how they work, and what to do if it happens to you.
The Australian Government Guarantee, also known as the Financial Claims Scheme (FCS), provides protection for funds deposited in eligible financial institutions up to a limit of $250,000 for each account holder.
Following the decision by the Reserve Bank to reduce the official cash rate, QBANK will reduce interest rates on its variable rate home loan products for owner occupiers and investors by 0.15% per annum. Mortgage secured overdraft rates will also be reduced by 0.15% per annum.