The following is a guide to additional fees and costs that also apply when purchasing a house, unit or land in Queensland:
Stamp duty is also payable to the Government on the transaction which is based on the purchase price. There are concessions for a first home and a home but there are certain criteria you must meet before you are eligible for these concessions. We have set out examples below to assist:
House with a purchase price of say $350,000.00
- Stamp duty for a first home – $Nil
- Stamp duty for a home when you have owned property before – $3,500.00. This concession is 1% of the purchase price up to $350,000.00, over this amount the duty increases at the investment rate which is a sliding scale. For example, if the price is $360,000.00 the stamp duty is $3,850.00 for this concession.
- Stamp duty for an investment property (no concession) – $10,675.00
Registration fee – This is another Government charge to register the transfer of the land into your name and this fee is also based on the purchase price. So for a house costing $350,000.00 the registration fee is $686.50. This fee increases/decreases with the price.
Other Costs:
You should also take into account other expenses such as:
- The bank fees for any loan you may take out to buy the property. Included in these are the registration fee applicable against your mortgage to the bank – your bank will advise you of these fees;
- Moving costs;
- Insurance – when you sign a contract to purchase a property, the risk of the property passes to you so that you then become liable for the property. It is therefore extremely important that you take out insurance as soon as the Contract is signed by the seller. The agent should advise you about this when you sign the Contract.