Buying a property in Queensland: the complete step-by-step guide

Talk to your lender or mortgage broker early and get pre-approval, so you know how much you can borrow. Remember to budget for more than the price: transfer duty, lender’s fees, searches, inspections, insurance and our fees all add up.

If you’re a first home buyer, you may pay much less transfer duty, or none at all if you’re buying a new home. See step 6.

Make an offer through the agent, or bid at auction. There’s no cooling-off period if you buy at auction, so do your checks first.

An accepted offer isn’t binding on either side until the contract is signed by both the buyer and the seller. Until then, the seller can accept another offer.

Since 1 August 2025, the seller must give you a signed Form 2 seller disclosure statement and the prescribed certificates before you sign, including at auction. They cover the title, zoning, encumbrances, pool safety, rates and water and, for units, the body corporate certificate. If they’re missing, or wrong in a way that matters, you may be able to terminate before settlement. We review them alongside the contract and special conditions, explain your rights and deadlines, and negotiate changes where needed.

Our advice draws on years of acting for Australia’s major banks and lenders. We’ve seen where transactions go wrong and the things that are often missed, so we know what to look for in your contract before it becomes a problem. You get the benefit of that experience. In other words, the benefit of hindsight.

This is also when to decide how you’ll hold title if you’re buying with someone else, as joint tenants or tenants in common. We’ll explain the difference and help you choose.

The contract becomes binding once both sides have signed it. You’ll pay a deposit, commonly up to 10% of the price, which is held in trust until settlement.

For most private sales of residential property you then have a 5 business day cooling-off period, starting on the contract date. If you cool off, the seller can keep up to 0.25% of the price. There’s no cooling-off if you buy at auction, and you can waive or shorten it by written notice.

Cooling-off only protects the buyer. The seller has no cooling-off right, so once the contract is signed the seller is bound.

Unlike NSW, Queensland contracts usually include a finance condition and a building and pest condition, each with its own date. The threshold for ending the contract is lower than in most other states:

• Building and pest: you can terminate if you’re not reasonably satisfied with the findings of the building and pest inspection report.
• Finance: you can terminate if you’re not reasonably satisfied with your finance approval.

You must act by the dates in the contract, or you lose the right. We track those dates for you.

Queensland buyers also commonly make their contract subject to sale, meaning the purchase only goes ahead if they sell their own home by a set date. We can draft the clause and explain how it affects the seller’s willingness to accept your offer.

Seller disclosure doesn’t cover structural soundness, pests, flooding or asbestos, so your own inspections and searches still matter. For units, we also review the body corporate certificate and records.

Transfer duty is calculated on the higher of the price and the market value. You can estimate it with the Queensland Revenue Office calculator. If you’re buying a home to live in, the home concession reduces the rate.

First home buyers pay no transfer duty on a new home under a contract dated on or after 1 May 2025, with no value cap. For an established home, the first home concession applies to homes valued under $800,000. You must move in within 1 year of settlement.

Duty must be paid by the earlier of the settlement date and 30 days after the contract becomes unconditional. That means many buyers have to pay transfer duty before settlement, for example where settlement is more than 30 days after the finance and building and pest conditions are satisfied. We’ll tell you the due date and make sure the funds are ready in time.

Before settlement, we check the settlement adjustments for council rates, water and body corporate levies, prepare your settlement statement and confirm the figures with your lender. About 7 days before settlement, we’ll email you a pre-settlement summary. It includes the statement of adjustments, what you need to do before settlement and exactly how much you need to have available to settle.

Arrange building insurance as your lender requires, and book a final inspection to check the property is in the condition you agreed to buy it in and that the inclusions are still there.

Settlement takes place electronically, usually through PEXA, Australia’s main digital property settlement platform. The balance of the price is paid by your lender and by you, depending on how much you’re borrowing. At the same time, transfer duty is paid, the transfer and your mortgage are lodged, and the seller’s loan is paid out. Once we confirm settlement, the agent releases the keys.

After settlement, we send you a final letter confirming the purchase.