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The True Costs of Buying a Home in Queensland

Buying a home is always exciting. This is especially true if it is your first home. However, the costs do not stop with the purchase price. There are quite a few costs associated with property conveyance. The total may surprise you.

Property solicitors in Townsville can walk you through it, so you know what to expect. This article provides an estimate for a typical house in Queensland valued at $400,000.

Conveyance costs

You have to go through some steps for property conveyance. One of these is the search and priority notice. You pay fees to cover the cost of doing a series of searches about the property. These include a title search, registered plan of land, land tax certificate, flood search, and contaminated lands search. The typical fee for the standard searches adds up to around $800. You also have to deposit a priority notice, which replaced the settlement notice starting January 2018. This costs about $34.

Other costs

You also have to pay government duties. One of these is the stamp duty, which may be in the neighbourhood of $5,000 for a $400,000 house. That is if it is your first home, in which case you do not have to pay stamp duty. This applies for homes valued up to $505,000 for eligible buyers, so it is important to note that. You also have to pay a transfer fee, approximately $929. Finally, you have to pay a Mortgage Registration Fee of $181. That is unless you are paying cash for your home.

Conclusion

You also have to pay a few variable costs at settlement, such as Body Corporate fees and a rates adjustment fee.  Property solicitors can give you an accurate and detailed list of these costs based on your particular set of circumstances. Knowing about these costs ahead of time can give you peace of mind when you finally decide to buy a home in Queensland.

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