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Comparison rates above are based on a home loan of $150,000 for 25 years. WARNING: The comparison rates are true for the example given only and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Any information provided does not constitute an offer of credit and are examples of what may be available to you based on the information available. It does not take into account any product features or any applicable fees. Lending criteria and the basis upon which we assess what you may be able to afford may change at any time without notice. For Fixed Rate home loans, break costs may be payable which can be significant if you change the whole or part of your fixed rate loan or where additional or early repayments are made during the fixed rate period.

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Is Stamp Duty Payable on Off the Plan Purchases QLD?

23rd May, 2023
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Ello
Cover image for Is Stamp Duty Payable on Off the Plan Purchases QLD?

Are you considering purchasing an off-the-plan property in Queensland? If so, you may be wondering about the implications of stamp duty on such purchases. In Queensland, stamp duty is indeed payable on off-the-plan purchases.

Stamp duty is a state government tax levied on various transactions, including property purchases. In Queensland, this tax applies to all property purchases, including those involving off-the-plan properties. The amount of stamp duty payable is determined by the purchase price and the type of property being bought.

When buying an off-the-plan property in Queensland, the calculation of stamp duty payable is based on the purchase price. Additionally, whether the property is acquired as an investment or a primary residence will impact the amount of stamp duty. Typically, stamp duty is higher for investment properties compared to primary residences.

Aside from stamp duty, there are additional fees and charges associated with purchasing an off-the-plan property in Queensland. These may include conveyancing fees, legal fees, and various other costs tied to the property transaction. It's crucial to have a comprehensive understanding of these expenses before entering into a contract.

At Ello Lending, we recognize that the process of buying an off-the-plan property in Queensland can be complex. Our dedicated team of experienced mortgage brokers is here to support you throughout the entire process. We can provide valuable advice and assistance to simplify your off-the-plan property purchase, including clarifying the stamp duty payable and explaining any other associated fees and charges.

Furthermore, we can help you secure the ideal home loan tailored to your specific needs. With access to a diverse range of loan products from multiple lenders, we can guide you in finding the most suitable loan for your circumstances. Our team will also assist you throughout the loan application process, ensuring you receive the best possible terms.

Should you have any inquiries about purchasing an off-the-plan property in Queensland or if you wish to explore your home loan options, please don't hesitate to reach out to us. The experienced mortgage brokers at Ello Lending are ready to address your questions and assist you in obtaining the right home loan for your requirements.

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Calculating the cost of stamp duty for an off-the-plan property purchase in Australia is crucial. By using a stamp duty off-the-plan calculator, you can estimate this expense and plan your budget accordingly. These online tools require basic property information and provide an estimate of the stamp duty you'll need to pay. For accurate advice, it's recommended to consult with professionals like the experienced mortgage brokers at Ello Lending. Contact us today for personalized assistance with your home loan needs.

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Gain clarity on the importance of preapproval in the off the plan property market. Discover how preapproval can enhance your chances of securing the property you desire and provide financial peace of mind. Learn why obtaining preapproval demonstrates your readiness as a qualified buyer and empowers you to make informed decisions. Trust Ello Lending's expert mortgage brokers to guide you through the preapproval process and help you navigate the off the plan buying journey.

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Preapproval is crucial when buying off the plan property, as it helps establish a budget, strengthens negotiating power, identifies potential issues, and ensures a smooth settlement. At Ello Lending, our experienced mortgage brokers can guide you through the process, provide expert advice, and help you secure preapproval for your off the plan purchase. Contact us today for personalized assistance and turn your property aspirations into reality.

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