The cost of buying a home
Costs vary when buying a house, but the general rule of thumb with buying a home is that the overall cost is about 5% of the price of the home (but is usually less for first home buyers who receive the Government First Home Owners Grant).
|Legal Fees||Solicitor fees, conveyancing fees and search fees||Your solicitor||Range from $300 - $800|
|Inspection Fees||Property and pest inspections, identification surveys (in case there are any issues over boundaries), and/or strata records inspections (for units and townhouses).||The company you ask to perform the inspections||Range from $250 - $1,000|
|Transfer Duty||Transfer duty is a state tax required by the Government and is imposed on written documents that record certain types of financial or legal transactions – of which buying a home is one.||Your solicitor, who then forwards monies to the Government||Homebuyers receive transfer duty concessions to minimise the cost of acquiring a home, making home ownership more attainable. Transfer duty concessions are available for home buyers, first home buyers and, buyers of first home vacant land. The duty applicable can be found on the Queensland Government Office of State Revenue website.|
|Registration / Search fees||Queensland Country performs Title searches and registers documents with The Department of Natural Resources. We also perform credit checks.||Queensland Country Credit Union, and we forward on monies to the Government and credit reporting agency.||Registration of documents usually costs at least $350.
Title search usually costs $30.
|Financial Fees||Loan establishment fees, valuation fees, mortgage insurance (required if you borrow over 80% of the value of the property).||Queensland Country Credit Union, valuer and insurer||Our loan establishment fee is $250 and our documentation fee is $250.
Valuation fees vary depending on location but are usually around $200 (for metropolitan areas).
Mortgage insurance costs vary depending on the amount borrowed.
|Home & Contents Insurance||You are required to take out insurance to cover your home. You may also like to take out insurance for contents, sickness and accident, or your loan repayments.||Insurance Provider||We have a team of dedicated insurance professionals who can discuss your insurance needs. Just call 1800 075 078 or get an online quote in the insurance section.
Insurance will range in price based on the value of your home and the valuables you wish to protect.
|Moving||Moving house will incur removalists costs, along with any service connection fees such as phone lines etc.||Removalists and/or other third parties||Varying depending on how far you are moving and how many possessions you have.|
These costs are a guide only. Please refer to our Fees & Charges Brochure or your Solicitor for more accurate costs.
Page last updated: 31 March 2014