Costs of Buying

Gold Coast Property

Gold Coast PropertyGold Coast Property

Here at Gold Coast Property, we understand buying a house can be an exciting time but there are some extra costs all buyers should be aware of.

 

So what costs are involved in buying a home?

 

Conveyancing & Legal Fees

Estimated costs: Around $800 – $1,500

We highly recommend you engage a conveyancer or solicitor to provide advice on the Contract of Sale and prepare all the documents for settlement. When buying a property your legal representative will be able to do the relevant searches on the property.

Here at Gold Coast Property we highly recommend:

OMB Solicitors

Blackhurst Law

Generation Conveyancing

Ingwersen & Landsdown

 

Stamp Duty

Estimated Costs: Stamp Duty Calculator 

All dutiable transactions of property or land (including gifts) attract stamp duty in Queensland. Unless an exemption or concession applies, the transaction is charged with duty based on the greater of the market value of the property, or the consideration (price paid) – including any GST.

 

Pest & Building

Estimated Costs: $600 – $1,000

Building and pest inspections can help safeguard property buyers against investing in fault-ridden properties, as the reports reveal any hidden problems a property may have including termite or termite damage and structural defects.

Here at Gold Coast Property we highly recommend:

QBR – Quality Building Reports

 

Loan Application

Estimated costs: $500-600

When you take out a home loan, you won’t just be paying off the loan – you’ll also have to pay to apply for and set up the loan in the first place.

The application fees are generally around $500-600, though they can be more than $1000, depending on the loan and lender.

It’s worth noting that some lenders will waive this fee under certain circumstances, so it’s worth asking.

 

ANZ – Australia & New Zealand Banking Group

CBA – Commonwealth Bank of Australia

 

Council and utility rates

After purchasing the property, you’ll need to pay the vendor for council or water rates.The vendor will have paid any rates owing to the council – generally to the end of the quarter – and they’ll simply add your portion of that amount to the purchase price.

 

Property Sales
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Costs of Buying