When you’re buying a property in Queensland, it’s easy to get caught up in the excitement of finding “the one” and forget that the price tag is just the start of the expenses you’ll face. To help you avoid surprises, here’s a straightforward guide to the common fees and some of the less obvious costs you should budget for when purchasing a home in Townsville or anywhere in Queensland.

Purchasing a Property in QLD? Here’s the Fees You Need to Know 

1. Stamp Duty (Transfer Duty)

Stamp duty is a government tax based on the value of the property you’re buying, and is usually one of the biggest extra costs you’ll face. In Queensland:

• It applies to almost all property purchases.
• The amount varies based on the purchase price.
• Concessions may apply for first home buyers or if you’re buying a principal place of residence.

Important note: Stamp duty must be paid within 30 days of signing the contract, not at settlement. Be sure to plan ahead.

2. Legal and Conveyancing Fees

Hiring a conveyancer or buyer’s solicitor isn’t essential, but many people choose to work with these professionals to help protect their interests throughout the buying process. They can help manage tasks like: 

• Reviewing your contract,
• Ordering property searches,
• Communicating with the seller’s representative,
• and coordinating settlement. 

Conveyancing fees will vary and usually depend on the experience and level of service provided. If you’re considering using a professional, it’s a good idea to ask for a detailed quote upfront to understand what’s included.

For those looking for assistance, a local conveyancer in Townsville could offer services that help make the process smoother and easier to navigate.

3. Property Searches and Due Diligence

Before you settle, a conveyancer will carry out important checks on the property. These searches might uncover things like:

• Outstanding council rates or land tax
• Zoning restrictions
• Unapproved building work
• Flood or bushfire risk

Search fees depend on the property and council area, but can cost between $400 and $9000 in total. In North Queensland, where weather and planning rules can affect resale value, this step is especially valuable and helps you identify risks before purchasing. 

4. Building and Pest Inspections

If you’re buying a house or an apartment, you probably want to consider a building and pest inspection before making your purchase unconditional. These inspections usually cost between $400 and $1200, and while they aren’t mandatory, they could give you peace of mind that the property is structurally sound and free from pests or hidden damage before moving in.

5. Loan and Mortgage Registration Fees

If you’re borrowing money, the Titles Office Queensland charges a mortgage registration fee, also known as a title transfer fee, which is calculated on the purchase price. Your lender may also charge:

• Loan application fees
• Valuation fees
• Settlement or discharge fees

Ask your lender for a clear breakdown, and factor these in when applying for your loan.

6. Insurance, Utilities & Other Costs

Other upfront costs can include:

• Home and contents insurance (most lenders require this before settlement)
• Moving costs, cleaners, and utility connection fees
• Body corporate fees (if you’re buying a unit or townhouse)

Quick Snapshot: What You Could Pay

Here’s a quick rundown:

Need Help with Your Property Purchase?

Don’t guess your way through it. Get expert guidance from a team that lives and breathes Queensland property law. Our team is experienced in conveyancing for buyers and conveyancing for sellers, and can walk you through every step, from contract to keys.

Ready to move forward with confidence? Contact us today and let’s make it happen.

Disclaimer: This blog is intended for informational purposes only and does not constitute legal advice. For guidance tailored to your specific circumstances, please consult a qualified legal representative.