Costs of Buying a House in Queensland

The purchase price is the largest cost of buying a home, but it is not the only amount you need to prepare. Queensland buyers should budget for professional advice, inspections, government charges, loan costs, moving and the regular expenses that begin after settlement.

This guide explains the common costs to investigate before making an offer. It is general information, not personal financial, tax or legal advice. Fees, concessions and eligibility rules change, so obtain current quotes and check official guidance for your circumstances.

UPFRONT COSTS BEFORE YOU BUY

Deposit

Your deposit is the part of the purchase price you contribute. A 20% deposit may help avoid lenders mortgage insurance, although smaller deposits may be accepted. Keep purchase costs and an emergency buffer separate from the deposit.

Contract review and conveyancing

A Queensland solicitor or conveyancer can review the proposed contract, explain conditions, conduct searches, prepare transfer documents and manage settlement. Ask for a written quote showing the professional fee, expected searches and third-party costs.

Building and pest inspections

Buyers commonly arrange independent building and pest inspections, particularly where the contract includes an inspection condition. Price varies by property type, size and location. Extra specialist reports may be needed for pools, plumbing, electrical work, structures or engineering concerns.

Transfer duty

Transfer duty is a Queensland Government charge based on the transaction and your eligibility for concessions. As at 9 September 2026, eligible first-home buyers may receive a full concession on an established first home valued at $700,000 or less and a partial concession below $800,000. Eligible buyers of a new first home under a contract signed on or after 1 May 2025 may receive a full concession regardless of value, subject to conditions.

Use the Queensland Revenue Office calculator and current eligibility information for the property you are considering. Do not estimate duty from an old article or another state’s rules.

Loan and valuation fees

Possible lender costs include application, valuation, settlement, package, annual and redraw fees. Some lenders waive selected fees. Compare the interest rate, comparison rate, features and fees together rather than choosing a loan on one advertised number.

Lenders mortgage insurance

LMI may apply when the loan exceeds 80% of the property value. It protects the lender rather than the buyer. Ask for the actual cost and whether it will be paid upfront or added to the loan.

COSTS AROUND SETTLEMENT

Property adjustments

At settlement, your legal adviser calculates adjustments for items such as council rates, water charges and body corporate levies. You may reimburse the seller for amounts already paid for the period after settlement or receive other agreed adjustments.

Building insurance

Queensland Government guidance says buyers should generally consider arranging building insurance from the contract date. Confirm the contract terms, lender requirements and appropriate cover with your adviser and insurer.

Moving and connections

Allow for removalists, cleaning, storage, utility connections, locks, mail redirection and time away from work. Apartments may have lift bookings or moving rules set by the body corporate.

Immediate repairs and purchases

Inspection reports often identify maintenance rather than contract-ending defects. Keep money available for urgent safety work, appliances, window coverings, security, furniture and other early expenses.

ONGOING OWNERSHIP COSTS

Home-loan repayments

Test repayments at a higher interest rate and allow for changes to income. Understand whether the loan is principal and interest or interest only, and when any fixed rate ends.

Council rates, water and utilities

Review recent notices where available and ask about typical electricity, gas and internet costs. Water charging arrangements can differ between properties and tenancies.

Body corporate costs

For units and townhouses, review administrative and sinking-fund levies, special levies, insurance, planned works and the body corporate records. A low current levy does not guarantee low future costs.

Insurance

Budget for building, contents and any additional cover relevant to flood, storm, landlord use or the property’s features. Insurance availability and premiums can materially affect affordability.

Maintenance and improvements

Every property needs ongoing maintenance. Consider setting aside a regular amount for servicing, repairs and replacements. Older homes, pools, large gardens and complex buildings may need a larger allowance.

A SIMPLE BUYING-COST BUDGET

Create separate figures for:

• deposit;

• transfer duty after any confirmed concession;

• legal work and searches;

• building, pest and specialist inspections;

• lender, valuation and LMI costs;

• settlement adjustments;

• insurance, moving and connections;

• immediate repairs and purchases; and

• an emergency buffer remaining after settlement.

Ask each professional for a written estimate and note when payment is due. Recalculate the total for every property because duty, searches, inspection needs, insurance and body corporate costs can change.

COST-CHECKING QUESTIONS

Questions for your lender or broker

What cash contribution is required? Does LMI apply? Which fees are payable? What valuation will be used? How will grants or gifts be treated? What repayments result at a higher interest rate?

Questions for your solicitor or conveyancer

What is included in the quote? Which searches are recommended? What transfer duty is expected? When should insurance start? What adjustments are likely at settlement?

Questions for the property

Are there body corporate levies or planned special levies? What do recent rates and water notices show? Are repairs required soon? Is suitable insurance available at an affordable premium?

FREQUENTLY ASKED QUESTIONS

How much should I allow beyond the deposit?

There is no single percentage that works for every purchase. Build a property-specific budget using current duty calculations and written quotes, then retain a buffer. The amount can differ substantially by price, loan, property type and eligibility for assistance.

Are first-home buyers exempt from every cost?

No. Grants and duty concessions may reduce selected costs for eligible buyers, but legal work, inspections, loan expenses, moving, insurance and ownership costs can still apply.

Can buying costs be added to the home loan?

Some loan-related expenses may be capitalised, subject to lender policy, but this increases the amount borrowed and may affect LVR and LMI. Many costs require cash before or at settlement.

PLAN THE NEXT STEP

Prepare a complete cost estimate before setting your maximum offer. HomeMentor is being designed to keep your budget, quotes, property research, documents and deadlines together so important costs are less likely to be missed.

Sources checked 9 September 2026: Queensland Government transfer-duty and home-buying guidance; Australian Securities and Investments Commission Moneysmart home-loan and buying-cost guidance.