Buying property is always exciting and no matter where the location, there are fees to be paid. Queensland is a property hot spot right now, with the population of Brisbane expected to double by the year 2031 and if you are planning to acquire real estate in this vibrant metropolis, here is a guide to the fees you will have to pay.
Stamp Duty
As with every state in Australia, when you buy property in QLD, there is stamp duty to pay. If the property costs from $75.000 to $540,000, you will pay $1,050 plus $3.50 for each $100 over $75,000. If the property is valued from $540,000 to $1,000,000 you will pay $38,025 plus $4.50 for each $100 over $540,000. Should the property be valued at more than $1,000,000 you will pay $38,035 plus $5.75 for every $100 over $1,000,000.
Legal Fees
If you are buying property in QLD, a conveyancing solicitor will handle the purchase for a fixed fee with no hidden extras, which would work out less than $1,000 and you won’t find a better deal than that. This fee would not include any searches you might wish the solicitor to carry out, which is something you are advised to consider.
First Home Buyers Grant
Fortunately, if you are a first time buyer who is looking to acquire property in QLD, you would likely qualify for the first home buyers grant, yet there are certain requirements. The home you are buying must be new and you must be an Australian citizen over the age of 18. This grant would be a one off payment and to date, this is set at $20,000, providing the property is valued at less than $750,000.
Additional Fees
Unless you are very lucky, you will need to source a mortgage and by dealing with an independent mortgage broker, there are no fees charged to the borrower (the broker receives a small remittance from the lender). You will, of course, need to pay a deposit, which could be anything from 5-20%. Then there are search fees (these vary, depending on the type of searches you require) that might include pest reports and of course, there is a title transfer fee, which would normally be around $100.
Shop Around
Of course, you will need the services of a good conveyancing solicitor. When considering legal advice, it is a good idea to shop around and look for a conveyancing solicitor that has fixed fees and is already established, such as River City Conveyancing based in Brisbane.
Buying property will always involve certain costs and by shopping around, you can keep these to a minimum. There are other expenses, such as removal costs and furnishing the property, so make sure you have a little something put away for the many small costs that are normally incurred when moving house.
Conclusion
If you are a first time buyer who is looking to buy in the Brisbane area, you can take advantage of the first home buyers grant and by sourcing a conveyancing solicitor with transparent charges, you can keep costs down to a minimum. Research will be your friend, do as much research as you can before deciding on which one to choose.
