The Property Council of Australia has released alarming new research showing the Queensland Government’s promise of delivering ‘a home for every Queenslander’ cannot be fulfilled under the current tax model, which is seeing more than one third of the cost of new homes and apartments made up of taxes, fees, and charges.
The ‘Stacked Against Us’ research shows that government taxes, fees and charges make up 32 per cent of the total cost of a new home and land package in Queensland and 33.3 per cent of a new apartment.
For a $730,000 mortgage, that equates to $233,440 in taxes, fees and charges.
The impact of these tax settings is seeing Queenslanders spend the first nine years of a 30-year mortgage package paying off prohibitive taxes, fees and charges – plus interest.
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