Unfortunately the price on the contract of sale for the property you are buying is not the total amount you will be required to pay at settlement. What many people fail to take into account and budget for is the price of the transfer duty that is payable on the purchase.
Buying a Property - The Payment of Transfer Duty:
Deciding to enter the property market and purchase a property is a big decision and one that does carry with it quite a few upfront costs. One of these costs that is often overlooked by buyers is transfer duty, which is a taxed imposed by the Queensland Government on the transfer of property.