Transfer duty must be paid on the transfer of property. Some concessions apply to first home buyers which is very welcomed. The duty is actually based on the purchase price in an arm’s length transaction. It is payable within 30 days after the contract of sale becomes unconditional.
To demonstrate the attractiveness of Queensland, following are the transfer duties applicable for owner residents buying an established home:
Let’s say you were buying a home for $500,000. In NSW the duty is $17,990, Victoria $21,970 and Queensland $8875.
When it comes to a purchase of $1mill, NSW duty is $40,490, Victoria $55,000 and Queensland $30,850.
Here in Queensland it represents a considerable saving. Factor this in with our magnificent winter climate and the decision really is a no-brainer!
Want to know how much transfer duty will cost you in Queensland? – Click here to use our financial calculators