How much is stamp duty on Mount Isa homes
Stamp duty is a compulsory state government tax that you may have to pay in Queensland whenever you buy any property. It’s also called transfer duty. Read on to find out more about how much Mt Isa stamp duty you may have to pay, as well as other typical home buying costs.
Mount Isa stamp duty costs
Mt Isa stamp duty rates are the same as those across the rest of Queensland. The costs vary depending on:
- whether or not you are a first home buyer (if you are and you’re buying a property below the value of $500,000, you won’t pay any stamp duty).
- the value of the property.
- whether or not you are buying the home to live in yourself or to rent out as an investment property.
Here are some examples:
Example 1
A first home buyer buying a $350,000 home to live in.
Stamp duty cost = $0.
Example 2
A previous home buyer buying a $350,000 home to live in.
Stamp duty cost = $3,500.
Example 3
A first home buyer buying a $550,000 home to live in.
Stamp duty cost = $10,600.
Example 4
A previous home buyer buying a $550,000 home to live in.
Stamp duty cost = $10,600.
Example 5
A first or previous home buyer buying a $350,000 rental (investment) property
Stamp duty cost = $10,600.
Example 6
A first or previous home buyer buying a $550,000 rental (investment) property.
Stamp duty cost = $17,775.
You can use this calculator to work out the stamp duty cost for different examples.
Other Mount Isa home buying costs
Other Mt Isa home buying costs are similar to those in other parts of Queensland and Australia. They can include:
- legal conveyancing fees (to transfer the ownership of the property into your name when you buy it).
- building and pest inspection costs (to check for any potential issues with the property).
- lender application or establishment fees.
And if you don’t already have your own furniture, you’ll usually have to budget for this cost as well because most homes for sale are unfurnished. But if you’re buying a Mount Isa rental (investment) property, you won’t have to worry about this cost.
FAQS
How much does conveyancing cost in Mount Isa?
You should budget $500 to $1500 for conveyancing fees depending on the provider and the extent of the services provided.
How much does a Mount Isa building and pest inspection cost?
You should budget around $500 for a building and pest inspection on an average-sized Mount Isa home.
How much are loan application or establishment fees?
These fees vary depending on the lender. Some don’t charge any application or establishment fees, while others do. However, make sure you consider any ongoing fees that the lender may charge as well as the interest rate before you choose a lender.
It can be worthwhile to use the services of a mortgage broker to help you find a loan with no upfront fees and no ongoing fees, as well as a low interest rate. Mortgage brokers work to find the best deals for borrowers, not lenders.
Do you pay real estate agent fees when you buy a Mount Isa home?
No, this cost is paid by the seller.
About Us
Jays Real Estate has been Mount Isa’s premier residential and commercial real estate agency since 1981.
If you’re thinking about buying, selling, leasing or renting any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.